The SP500 looks to wanna break the current SMA supports (28/32), but I do not believe the SP500 will decline past 1280.
I am just so tempted to increase IBM, AAPL and others right now. But I think in the very short-term, a better entry will present itself. That is the trader in me. (If you are not a trader, I am only talking about a few points to the downside. ie IBM may see 158.)
I will give more details and charts later.