In my opinion, on the long side I'd like to see SPX trade above the near term ceiling, 200 day moving average and descending channel. On the short side or put side, a break below the 50dma or triple support around $1050 could be a starting point, depending on risk level. The 50 day moving average (1081.81) could act as support if SPX continues to sell off. The E-mini September S&P Future is at 1093, -0.34% overnight.
S&P 500 - FreeStockCharts.com
|SPX Technical Clusterf* by Dvolatility 7/30/2010|