Short-Term Longer-Term

The market completed two days of moving in the same direction. It almost makes a trend!
Let's look at the short-term picture of this market. For me this is an hourly time frame.
Stoch is very oversold, but this can not be a sole reason to go long. CCI looks to be moving back above -100 which can be a buy signal. MACD needs to turn up to give a more definite signal, also RSI is heading below 30 which is almost over sold.

Also $NYMO is almost in oversold territory. It needs to be below -100, which it still has a few more points to go.

But longer-term where can the market go. To decide that you have to take a look at longer term indicators and charts.
SPX has now dropped below two important moving averages, first the 200EMA which was strong resistance but more importantly it dropped below the 20EMA. This MA had confirmed the trend and provided support.

Dropping below the 20EMA adds even more resistance at the 920 level.
More importantly the indicators on the daily chart are giving sell signals. STOCH has rolled over, CCI moved below +100 and MACD has crossed and the histogram has 2 bars in the negative.

On a weekly time-frame SPX looks like it is beginning to roll-over. MACD is stalling at zero, STOCH remains overbought and as of today, it is forming a bearish engulfing pattern.

$NYSI is a longer-term indicators, it has continued to move down which is bearish for the market.

Short-term 925-930 is possible, since the market is oversold and could make a dead-cat bounce.
Longer-term if resistance levels hold 880 would be the first real support test, the trend looks like the market wants to gravitate towards the 50EMA.