The SPX continues to make lower lows and not higher highs as we drop down from the 1800 level. Today we closed down by $2.15 at the $2747.33 level. We are getting close to testing an important trendline connecting the low of $2532.69 with the $2647.32 low. The trend remains bullish, but it is possible that we could be in a "C" wave lower(red C?).
The indicators have rolled over to sells and now we are approaching support of the 20 day MA as well as the upper channel line. The Bollinger bands continue to tighten.
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