In my last update around 1325, we discussed the possibility of a correction upon hitting the upper trendline. After threatening to break above it, SPX has crash-dived lower and in the process breaking the lower trendline. The degree of this decline is anybody's guess at the moment. Near-term, we have support at 1300 followed by 1275. Expect an oversold bounce to back-test the line, which may provide a shorting opportunity. Also note the location of the 50-day MA.
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