The markets were in risk-off mode during the Asian trading hours as respond to Crimea's votes results. If situation would get worse then be aware of even lower levels on S&P 500 while crude oil and natural gas could find a support.
On the weekly chart of the S&P 500 we have seen a bearish close at the end of the last week that erased all of the gains from a week earlier. This can also be an important evidence for a bearish case in the following days.
S&P 500 Weekly, Candlesticks
The S&P 500 has been in bullish mode since February but it looks like that the direction of a trend could be changing now after a rally up to 1880/1920 Fibonacci and channel resistance area, where we see zone for a completed fifth wave in wave 5 of 3. So far, market is reversing nicely down with a weekly close price at 1839 so we suspect that market has turned bearish now for a three wave pullback down in blue wave 4.
S&P 500, Daily Elliott Wave Analysis
On the 4-hr. chart of the S&P 500 futures contract we are looking at the Elliott Wave count where structure might have finally formed a top after very strong sell-off in the last couple of days from 1886. A decline however is still not a clear impulse, but another intraday leg down to 1800/1810 will suggest that trend has turned bearish or at least sideways. In that case traders could be interested in shorts opportunities.
S&P Futures (March 2014), 4-hr. Elliott Wave Analysis