Besides the SPX bouncing off of the support of the 20 day MA, it also bounced off of the final gray Fib fan line of support, keeping this fan valid.
7:34, With todays move, the SPX has broke the impulsive 1-2 down option as the 4th wave entered the 1st, leaving the only viable option a corrective wave down from the high of 1227. This option fits in best as a 4th wave that will most likely consolidate over the next couple of weeks before heading higher in a 5th wave. The time that is spent consolidating will help burn off over-bought conditions to allow that final move higher before the start of a larger correction down. Any break below 1170 at this point should mean something else is going on and a major correction is already under way. The SPX has no business under this level for this degree of a 4th wave. Also of important note on the above chart, the RSI is entering into over-sold territory, this also puts higher odds on a short-term run-up.