Below is the weekly chart again and to me it looks as though the line in the sand for this week is around the 1885 level. The bulls are going to have to recapture last Monday's open for any kind of chance to get the push higher. This past week closed on the line off the Feb and Oct 2014 lows. This just doesn't scream buy to this guy. If the bulls can't save that 1885 level last October's low seems inevitable.
On the bullish side of things you do have the Fiscal year, Quarter, and month all coming to an end this week. Bears can keep this in mind for a little protection on the sanity scale. Keep it Simple (stupid).
Thursday Update: SPX seems to have tagged the 1939-40 area via ES overnight. On the day the bulls have to hope it can hold the close of yesterday to expect anything higher. I was stopped out of half my shorts yesterday (profitable from 2003) but my level to add may not get hit today cause it was last night. If the market would cooperate it would find the overnight high again and give me my fill at 1932.