I would keep position sizing small until the index can break above 2,072 and then would think about adding to the trade.
From here a move to the all-time high of 2,092 would be my first clear target (based on the break) and I feel it would make sense adding to long positions again if the index can print a new high, as the market could feasibly go on to test 2,116 (the trend resistance drawn from the April 2011 high).
If we look at stochastic momentum, we can see the bulls are in control and momentum is moving higher. The RSI is also moving nicely above 50, so this could suggest a test of 2,092 is on the cards.
Fundamentally, there is a growing bearish case but from a purely technical view I feel traders could look at long US 500 Cash trades and cut back on positions on a break of 2,042 and 2,025.