So far there is evidence that the downward momentum has eased for the time being, but this week with earnings and key economic data anything can happen. The charts are looking good for a potential relief rally to the 1440 area, but it will first have to break out of the current sideways channel between 1390 and 1430.
Keep your eyes on a break of the triangle forming to get a heads up on the probable short term direction. Look for breaks of the 1390 or 1430 levels for potential larger moves.
SPX Daily Chart:
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