SPX -- Daily Chart

The low test zone for the current short term downtrend is SPX 1900 - 1930 based on several
different support markers. So, with today's rally, the SPX has closed slightly above the zone,
but it is too early to tell whether there is a positive reversal underway or if there is further testing
and even a downside breakaway in store. SPX Daily

The market at -1.5% the 25 day m/a is slightly oversold, and both RSI and MACD are negative.
Most of the time, I look for trend reversals to enter positions and this would be one of them. 

The market is still holding the groove it has been in since mid - 2012 when QE 3 by the Fed
was first promised. However, with this program now running ever closer to the zero level, we
have moved quite a ways fundamentally from then and as tempting as it may be to figure the
groove will hold and the SPX is, indeed, near another rally point, conditions are turning less
favorable as the Fed cuts the power of the liquidity tailwind.