Can the S & P hold the channel?  How much of a drop will there be, could it be a 5-10% LOSS or more?  Watch closely for updates.  With money on the sidelines, it will soon be clear what the play 'should have been', but will you wait it out or play the downside?  Prudent people will wait for a clear more to the upside, some prefer to buy SPY puts at risk of a quick uptrend which occurs often preholidays.  Black Friday will definitely give us an idea.  If we are down more then or after results of Black Friday's retail numbers then worse may occur.

Chart by "Z" who watches the channel closely
Opinions by Phil Runfeldt