A more precise approach of this chart:
After reaching the white line, now support, there is a possibility that XLP/SPX will go, at least, towards the yellow line. But maybe only the red resistance line will be the next strong inflection point for the S&P 500. With these possibilities in mind to manage my short positions, I will wait to long any asset, except for TLT; based on my "Crash Incoming 11?" idea, after consolidation, it could start its way up in the following weeks (nevertheless, as always, it will be a very cautious buy).
Recently, BTC (crypto) started a strong pullback and, generally, at least in the last months, this market anticipates the traditional markets moves.
Stay well...