I never claimed to be an expert at figuring out support/resistance but its not too terribly difficult to spot what will be solid and what will be weak. The above is a chart of a wave 5(5) support/resistance layers. The first point I'd like to make is that this trading zone below 742 is fairly fresh obviously. Second, its has went almosty straight down and then straight up. So there are only a few solid pockets of support from 750 down to 666.
A long squeeze is just as painful as a short one. Of course if the SPX only touches its toes in this sub 742 zone and can manage to consolidate and pull out then your looking at Primary Wave 2.