SPX is now probing the lower band of a narrow but steady upward channel that has formed over the past two months, as well as the line connecting the Feb2019 and Sep2019 highs - the gray line.
Odds appear to favor an eventual breach of this channel to the downside and the current pullback has its potential to do so.
If so, monitor whether it is a larger degree correction (Chart 1, 2 blue) or a small degree pullback (Chart 2 green) to probe the 50 DMA.