Wednesday Afternoon SPX

We'll, we had our first clue this morning when we talked about how the SPX had lost it's uptrend but then jumped up above it right afterwards. Whenever a trendline is broken there is a sign of weakness and in this case it was followed directly by a lower high on the 15m Chart. It then broke down below the uptrendline again (green dotted line) and was never able to make it back above the consolidation of moving averages that it had over head. The rest of the day to just kept dropping. I draw tons and tons of trendlines both upward and downward on all types of timeframes to alert me to big moves like this. It gets really boring during days of consolidation and sideways movement, but when you get a breakdown like today it's all worth while.

SPX 15m Chart