The bearish wave count, calling for a strong 3rd of a 3rd wave down today (for the move down from Monday), requires SPX to stay below yesterday afternoon's high (848.32) otherwise the pullback will look more like a correction and a resumption of the rally could be next. Therefore, long off the trend lines near 836 or short against yesterday afternoon's high near 848. Those are your two setups depending on which way you want to play the market.
I had recommended a short play on SMH yesterday afternoon and the stop on that play should be the same as SPX--right above yesterday afternoon's high at 20.27. It's currently trading at 19.54 with a morning high of 19.77 so far.