The dominating feature of the $SPX chart is the downtrend. Lower highs and lower lows: that's all you really need to be aware of. Don't overthink it. New lows were made again this week. So, we are still carrying a "core" bearish position.
Last week, $SPX had pulled back to support at 4200 and also to its rising 200-day Moving Average. A rally has taken place since, verifying the worth of those items as support for the market. However, $SPX is still in a downtrend (red lines in Figure 1), and that makes it a bearish chart by definition.
