SPX closed below the last swing low. Price appears to have been rejected at the 50 SMA. It looks like a test of the June low is likely. There was a pretty good pick up in volume. The TRIN closed pretty high which will often cause a bounce the next morning. I would expect the recent swing low of 1639 to be resistance now if we do get a bounce. SPX would need to get back above the 50 SMA and demonstrate that it can stay there to get bullish again. There is still a chance we are making low and the market just needed one more push down. We are in the vicinity of the 100 SMA again. I don't see anything at the moment to make me think that is the case. We will just have to see if the bulls mount a serious charge or not. It seems more likely to me that we are headed for the 200 SMA.
Bob
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