It appears that some short-sellers have cashed in the past couple of days and have stalled the plunge in the SPX, as shown on the following weekly chart.

As at 2:00 pm ET today (December 27), price is consolidating intraday just above near-term support of 2400. Major resistance sits at 2600 (just below the weekly Ichimoku Cloud formation), while the next level of support sits at 2250, followed by major support at 2000.

Whether that cash will be deployed in any sustained and meaningful buying any time soon, or whether it's sitting ready for shorting again, remains to be seen. Conditions are very unstable, as depicted on the three technical indicators (each with an input value of "one" and in histogram format to illustrate that volatility and its strength).

(Click on image to enlarge)

Price on the SPX:VIX ratio is still below 80.00, as shown on the following daily ratio chart. As long as it remains below 100, we're going to see continued large, volatile daily gyrations in the SPX. A drop and hold below 60.00 would likely accompany a swift price-drop in the SPX to 2250 or 2000.

(Click on image to enlarge)