The downtrend in the SPX which started in Dec. 2015 has extended into the new year, and with
today's break below 2000 support, has become more respectable. Because I read charts more liberally
than most folks and always use hard copy graphs, I have seen the market in a volatile and modest
uptrend since the Aug. '15 low, but now the dip that is underway presently will threaten that humble
trend up if it continues on course down to the 1960 -70 area in the very short run. SPX Daily
Right now the SPX is moderately oversold on price momentum and selling pressure (TRIN), and a
failure to rally in the days ahead would signal something a little more serious might be afoot, which
in turn might necessitate re-appraisal.
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