SPX500 - Weekly Chart - Video Analysis

FX:SPX500   S&P 500 Index
August, 24 low is going to be tested.
August 24 low is going to broken
Targets are by arrows.
Daily chart will follow. Video Analysis on Weekly, Daily, 240 min is here:

On March 31, 2011 the 15-day SMA crosses over the 50-day in what proved an important support level as the bullish uptrend in the market ensues for some 4 years 3 months. Fast forward more recently, between the end of June and into end of July 2015 this changes and that 15-day no longer acts as that trend-line support... let the breakdown take effect, where one could conclude, paired with fundamental market-over-value talk that the 50-day SMA standing at ~1763 becomes our “reset” level or support moving forward longer term. Worst case bear scenario…1343 at the 200-day EMA doesn't seem to be entirely out of the question either though I suspect some real nastiest would have to ensue globally.
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