Technical Analysis and Outlook Currently, we have Index Rally 2622 completed on Jan 16. In near-term, on the downside, we have Mean Support 2450 as the 1st phase major run. Key Support 2352 will run as 2nd phase move, along with addressing completed Outer Index Dip 2352. (For latest Market Commentary, and Blog article 'Stock Market Investing Foolishness And Its Downside', please visit the TradingSig_dot_com).
@coolingla, Index Rally (SPX, DJI, Nasdaq, etc.) are market envelopes (movements) from a significant starting point to its projection. On the flipside, there are Index Dips. Other market segment designations are: Currency Rally/Dip (Forex pairs). Coin Rally/Dip (Cryptocurrencies) Stock Rally/Dip (Individual stocks)., and others, Gold, Oil...
BTW, there are support/resistance labels flagged within each envelope. How/where the movement (envelope starts and ends are not shown due to TSS proprietary nature.