I wanted to update the S&P 500 weekly chart as there is potential for a breakdown. Technically speaking several levels have been violated, and a bear market is possible. The 1,810 level formed a tradeable rally as predicted, but if this is just a countertrend rally, it will soon fail.
There is resistance and an open gap at the 2040 level in cash prices. Stocks may rollover from that level, and we could see the double bottom at 1810 collapse. That could precede a potential crash to the 1650-1600 level.
Over the next few weeks I will update members as this situation unwinds but for now, we are simply monitoring.
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