Every day in the market is important, even dull & low-range days are important in the analysis of the overall sentiment and averages etc.
Today is an even more important day, especially for the bears. If they can't press home the advantage then the decline is over, for now and the bulls will become energize and take it up up up....
I am still not seeing significant capitulation from the bulls and dip buying is still quite popular, it seems. Look at the last 3 daily candles, no close at the bottom.....that's not enough capitulation to suggest there will be a concerted decline.
In other words, there is still not a lot of blood in the streets, this is still a pullback, and unless the bears can take down to close below SPX 2860 on a daily basis.