Daily chart of the S&P 500 cash market shows it closed Tuesday at 1980, well below the 200 day moving average at around 2062. While that moving average is turned down, any rallies should be viewed as counter trend moves. Needless to say (?), the wisest trade entries are in the same direction as the trend, from positions where counter trend moves are ending.
Daily chart including all sessions trade shows the trend lines that I am watching. If the market reaches any of those lines and shows weakness on 4 hr and even 1 hr charts, I'll be shorting the crap out of it.