Current SPX chart

The chart below is a weekly chart of SPX.  The price bars are colored based on my short term trend formula (green up, red down, white neutral, blue is price outside 2 standard deviation Bollinger band).  My short term moving averages are the 6 SMA in yellow, and 18 SMA in blue.  SPX has dropped below its 6 SMA, but is still above its 18 SMA.  For the first time this year, price is neutral.  Last year's high of 1370 has been support for the last few days, and we got a good bounce off of it today.  Should 1370 eventually fail, the 18 SMA in the 1346 area would be my next key support level. 

On the daily chart below, we are coming into possible resistance.  The lower red line was derived from the area of prior support in the yellow circle.  That prior support could now be resistance.  I see we peaked
above the line slightly today.  The upper red line is derived from the 4/9 gap down.  Getting to that line would be a full gap fill.  The market has now alleviated the short term over sold condition we had on the 4/10 blue bar.  We are experiencing pretty big gaps in both directions the last couple of weeks.  That is more characteristic of a correction then an uptrend.  It might be wise to stay nimble right now.

Bob