If you want to get an impression of the current market, where to look? Given the fact, that most of the carnage and sell off have been in tech & growth, I don't think it's appropriate in order to estimate the current market to only focus on SPX, for instance by looking at SPX itself, $SPY and/or the S&P 500 E-mini Futures. Given the fact, that most of the carnage and sell off have been in tech & growth, I think it's more appropriate in order to estimate the current market to look at for instance relative pairs like for example NDX relative to SPX and/or $QQQ relative to $SPY. If you only focus on SPX itself, $SPY and/or the S&P 500 E-mini Futures, you deliberately focus on the parts of the market with more strength, and you deliberately exclude the parts of the market with more weakness.