SnP was far stronger than the Nasdaq all day and at one point was up on the day when the Nas was down 10+... It is the only index still supported by its 50% from Japan lows to May 2 highs and its 100 day VWAP (yellow). I see the current bearish channel (magenta) as the driver and it will not be able to break out of this to the upside in the near term.
The Fibonacci cluster just south of 1300 as well as the low of the current bullish channel (yellow) will prove to be very strong resistance and will almost certainly produce an initial bounce.
Overall, I am slightly bearish, the least bearish of all the indicees I look at.