SPX daily update

Well, I got the direction right, but surely missed on the magnitude, lol.  The bulls put up quite a fight coming out and buying the gap down like mad.  However, the market faded in the afternoon just like yesterday.  Here is the daily chart.

Clearly SPX is trying very hard to hold the 100 SMA.  We will find out next week if it will be successful in that endeavor.  The short term trend is down, the burden of proof is on the bulls.  If we keep having these big gaps down, one of them is going to stick and a cascade down will follow.  I suspect it will take some significant positive news to turn the market up from here.  Money managers have to be thinking about the last two years and wondering if it can happen again.  The market has coiled up for 4 days now.  One way or the other, a big move will result from this pattern.

Bob