Also the 3 worst days for the SPX in 2019 have occurred within this current box. The 2.98% drop on the 5th of August, the 2.93% on the 14th and 2.59% on the 23rd. The 23rd was special in that, for a few seconds, the loss was over 3% and it could have thus been the absolute worst day of 2019 so far.
The reason why the SPX is ranging, is that it has now convincingly broken the Dec18 upward trendline on its way down from ATH at 3020 and is challenging the 200 day MA at 2800, (and the fact that 2800 was the line of resistance for all of 2018) and also; most importantly it is targeting the Dec18 lows with clear intent.