I don't know for sure if the lower channel support line is real, but the upper resistance line is a properly computed value and has been honored by the market (so far). If today was some kind of capitulation, I would expect the price action to wander back up to that upper dashed line, which as you can see is today at about 1150...This is where one could re-short the $SPX...of course by the time ( a few days from now) the market gets up that high, that line will be slightly lower than 1150...I will update as necessary to show where that point is...
(click to enlarge)
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