SP500 long term log scale chart (post 2008 crisis). Despite recent volatility and losses from ATH, we can start discussing serous weakness sub 3000 with a potential longer trend break sub 2800.
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Still in long term uptrend but close to critical 2800 level. This week will be critical.
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SP500 bounces here or the long term uptrend is dead
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Trend is broken - expect further volaitity until we find support - around 2100
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Never hit 2100 bounced at 2200 - now at a critical level in post liquidation bounce - if we fail near this 2800 levels and do not re-enter the channel a new down leg is imminent.
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Markets riding the liquidity rocket. Round 3000 on SPX might be a good time to get some year end downside hedge on. Breaking above, we may see a melt up to 3400
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3400 still the target - unless we have a speedbump in August