SPX 500 - Heading South.

The price of the SPX 500 Index opened at 1327.69 just below the Fibonacci level [ L1AF236 : 1321.09 ]  and rose rapidly to 1328.49 . On the way up it broke above the Fibonacci level [ L2AF382 ] at 1327.97  and then stopped just short of the L3AF886 Fibonacci level at 1328.48 . It was a typical 886 reversal - like a Kiss of Death with the Price back down to 1323.91 in short order . In addition the Price broke above the upper trend line but soon found that the Support expected by the UTL was like quicksand.  The action today was controlled by the various  Fibonacci levels .

 

                   Turn Point, Related Fibonacci Level

•      1310.79                            L2AF618   :  1309.97
•      1306.51                            L2AF500   :  1306.54
•      1328.49                            L3AF886   :  1328.48
•      1319.82                            L2AF9443 :  1319.47
•      1324.94                            L2AF214   :  1324.94

•      1310.04                            L1AF146   :  1309.99

The Close at 1316.63 left the Price below the L2Af236 Fibonacci level at 1321.09 and as well as the upper trend line of the descending short term channel .

The Birds:

•   CCI 6   :   -127.88
•   CCI 20  :  +40.79 
•   CCI 50  :  - 20.78

The CCI 6 is showing a potential reversal of its downtrend . However the  CCI 20 dropping below the +100 level and the reversal of the CCI 50 at the ZERO level are not bullish indications.

The indicator  EMA 5 / WMA 13 made a negative crossover indicating that more downside is in store for the Index.

In summary I believe that the retracement  terminated at 1328.49 and the next move for the SPX Index Price will be to the downside  with an eventual test of the "Zone" and the lower trendline of the descending channel.