7:59, The Russell is much closer to breaking the longer-term trendline of support then the SPX. A break here would be an early warning sign that the SPX is also in jeopardy of losing its support, and the uptrend. So far this morning the price action has been impulsively down, but we currently have only three waves, which can be a larger degree correction, the price action needs to carry thru and make a full five waves down.
7:42, The SPX has moved down to some minor support, the bears need a clean break thru that yellow highlighted area that has multiple points of short-term support before even thinking the uptrend is in jeopardy of changing. Breadth is picking up for the bears, and is now at 3.53:1, decliners, this sell-off might have some legs to it, but it is still early on.
-How a Simple Line Can Improve Your Trading Success