S&P 500 (SPX) Index - Consolidation Range at the Top

SPX is trading inside the 1340 - 1360  consolidation Range after the reversal off the recent Top around 1377.

The SHORT Perspective::
The Upside is Capped by the 20-Day MA. I have 1325 and 1280 as immediate Targets of the current correction. All Technical Indicators are in Reversal mode and below 1340-1325 I'd expect an acceleration of the current corrective move.

The LONG Perspective::
The 20-Day MA at 1359 is the threshold - a Close above would signal price will need to touch the Upper BB at 1377. Still I'd view the current phase of the market as Horizontal consolidation and I'd expect the Bollinger Bands to show further contraction as the Distribution phase unwinds.