$SPX - Weakness Returns

$.SPX(.SPX)$ - Weakness Returns

Failing to break $5,962, the stochastic has re-entered a bearish crossover in overbought territory and the downtrend is dominating price action.

The $Cboe Volatility Index(VIX)$ appears poised for a bounce, suggesting a likely resumption of the index decline. Although the daily chart (yesterday's post, this is the 4-hour chart) shows the 20DMA still providing support, I'd give that line ($5,926) one more chance to hold, given today's improved breadth.

Everyone is focusing on this down channel so it makes sense to me that it will break out. I suspect to the upside. I kind of agree on that one, for that reason I'm giving a chance to the 20DMA to support price. Anyway tech looks bearish.

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