This doesn't change the intermediate time frame trend that is still bullish, with SPX above a rising 5 days SMA and EMA50 crossing EMA100 on both 30 and 60 minutes charts. Daily DMI is still negative a little bit. When EMA50 does cross EMA100 on 30 minutes or even better on 60 minutes charts I use this kind of pullbacks as a buying opportunity. The problem here is that SPX doesn't have room to fell too much, SMA200 is around 1110 and a huge support/resistance level, 1100, not too far away.
I hope you are well hedged (see the article bellow for some hedging ideas).
"Time is a great teacher, but unfortunately it kills all its pupils ... - Louis Hector Berlioz"