Long term it is very difficult to see how it will behave, but I would not be comfortable with longs.
Very short term I think 1840 might hold again, as both SP500 and Nas100 have become short term oversold (see slow on 4 Hrs) and again we could see some tricky buying. Anyway it's "Turnaround Tuesday! Hurray!"
In case it fails today and finally breaks below 1840, then may reach 1810-1820, and that is gonna be the field for the big war between bulls and bears, which (without any black swan events) I think Bulls will win in the first round.
I have had a bias for more than a month now, but SP500 tricks us from time to time. Trade signals on 4 Hrs time frame change too often, but too late to be able to follow these swings. When it seems like a sell finally, then it quickly reverses.
Maybe I should switch the trading time frame from 4 Hrs to 1 Hr . But regardless the trading time frames, my bias will remain .
In the long run there are further problems that worry me a lot regarding the whole US equity market structure. Some of these we have discussed with a frd yesterday in my post about Nasdaq100. If you have missed it, or you have any interest to read, you can find it here: