"....SPX is still above its key levels for now, but has continued to show weakness. Bulls probably need to make a stand fairly soon or risk a broader sell-off........"
Since last update, SPX fell a bit further, reaching and exceeding its potential target:
It also whipsawed the blue line on the daily chart:
In conclusion, SPX is still above its key levels for now, but has continued to show weakness. Bulls probably need to make a stand fairly soon or risk a broader sell-off. One of the more bearish near-term potential outcomes (if SPX sustains trade below its key overlap) would be a trip back to the black horizontal line on the daily chart, currently around 6500. We'll see if bulls can right the ship soon -- or not. Trade safe.
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