Trend is down

The market continued to lose ground, with $SPX closing below its 50 EMA, a bearish sign.

Although the market never moves in a straight line, our next target, as explained yesterday, is in the 1,500's.

Because $SPX has yet to close on the daily chart below the important level of 1,538, and because some of our indicators display oversold levels on the daily charts, the reader should not be taken by surprise if the market moves higher in the near future.