1) SPX clearly broke below the monthly support since Mar09 (in 2000 and 2007 this was really the end).
2) Whatever happens even a bull resumption would find it very difficult to break 2200 (that was already true when we were flirting with those levels).
3) The last bottom hit around 1800 is really an important support that will be difficult to break but would open to abyssal trading.
If we are lucky to get 2080/2150 again: short strategically/buy 1200 Dec17 puts.
The chart below explains why I was so negative from Nov14... it respected the Top line but with time it converted me into believing it could flirt with it longer (for 3% potential upside/ I missed 12% down but this was too slow to come)