For what it's worth, I'm dropping a very basic analysis of the current price action for S&P500. It seems that the price is resting on the middle trend line of the descending channel.
The risk-takers might want to open a long order at the current level of $4,150 with a target at $4,400 and a stop loss below the recent lowest low, which is $4,060.
I personally will be trading with the trend and have an order set up at $4,400 to short the index. The stop loss is slightly above that level.