In this SPX chart, we are seeing main bearish trend, but it's going for small correction. 1290(tripple top) is major level to break upward. I am watching small triangle pattern very closely, because it can break any side. To look @ bull or bear sentiment for SPX, I would look @ TNX & USDJPY. Follow TNX & USDJPY chart below.

In post of August 5th this week, I had mentioned that TNX will test 41 atleast, if not higher. In past two days it did. It is also sitting on important level of making or breaking. TNX analysis is very important for SPX & JPY traders. They all go in same direction with above 85% correlation.
There is a medium term bearish thick blue line trend & dotted long term bullish trend. If it breaks below, then SPX is surely going down. Reversal is also true as well. Keep watching......

USD/JPY... This is very interesting chart of all to me. Current price level is sitting at two important trend line crossover. Despite of today evening's big fall in EUR, AUD & CHF, JPY hasn't dropped that much @ all. SPX & NIKKEI were down and same time EUR & CHF were bearish too. Therefore it made USDJPY more sideways then bullish. With further fall of SPX & 10 year Treasury Yield, USD/JPY will be bearish.

The reason I put USDCHF here is because of it's very strong correlation to JPY & TNX. As you see here, it's also sitting at very important level of break or reverse.

CONCLUSION:
Very important to watch market tmrw or next week. Stay alert....

I'll be placing more JPY trades next week based on this analysis for Carry or non-carry.