Two powerful down days made SPX lose more than 40 points. Important technical levels were crushed in the process. Not only SPX moved outside the trading range but also bellow the previous daily low around 1050. These are not good signs if you are on bulls' bandwagon. Price is now way bellow five days moving average and even worse five days SMA is declining.
Also bearish is the intra-day price action, bargain hunters are pushing the market up in the morning but at the end of the day fund managers (I guess) are selling more and more since is very hard for them to unwind their position in one day.
Since emotions are running high at times like this it is better to establish an exit strategy way ahead, with a cool head. Trust me you can always find reasons to go either long or short that's why is better to have some emotionless strategies in place, like to EMAs crossing I keep mentioning every single day. Even if this strategy is not perfect, as you already noticed, it can save your portfolio from disaster and on long term you WILL make money. There are many other strategies out there, pick one and stay with it.