The trend is down

$SPX touched a low of 1,607 today, reaching oversold conditions, and very close to our target of 1,600's. 

Interestingly, $SPX bounced on the EMA(50) and closed at the low of the day.

Overnight, we may have a relief bounce up, or more selling - it is just not clear how we will open tomorrow.  It is possible that tomorrow we reach up to 1,622-1,645, although there will most likely see more selling ahead of us.