The SPX slipped back under the former breakdown zone of 1388-1391 SPX. But it did manage to squeak a close above 1391 SPX. So it has not yet quite lost key support, but price action looks shaky.
The following chart of a bunch of indexes, shows the overall mixed picture at the moment. Clearly as was mentioned last night, this market may be dangerous to be long - even if it manages a spasm higher as it may be a last gasp.
The only index that is in a potential 5 wave pattern up is the Industrials and perhaps the SPX (barely). The Wilshire5000 has official overlap (not shown). The banks and Nasdaq can be said to have had 5 waves down which suggests they are not going to regain their price highs.
The culmination of these wave patterns suggests that there is real possibility of the market breaking apart to the downside. It suggests a long topping process perhaps that has dragged out for 2 months or so.