Just playing devil's advocate here, but tell me if the decline since October, shown here on a weekly chart, doesn't have the look of one massive correction.
I know the SPX failed the 75WMA and a back-test of that average held. I know the banks are in crisis, and the general macroeconomic picture is dismal. But this decline looks neat and orderly, and neat and orderly declines are usually corrections. We also have a significant MACD divergence that needs to be worked off. In any case, for those of you who are short-term bulls, hitting the upper channel line seems like a reasonable target.