A nice entry point here at the top of the channel that's carving out on the 5 minute chart. At 1339 now, I believe we'll close below 1330.
UPDATE: 10:35 AM PDT
With the move up to 1340, the channel morphed into a descending broadening formation, which can break out in either direction.
Of interest is the potential inverse head and shoulder formation if the current move down stalls around 1334.50. It's not that big, but has the potential to bump SPX up to 1351 or so. Worth watching...