Some interesting details

FX:SPX500   S&P 500 Index
42 0 0
On the daily chart the price has been pinging off of support going back to 2009 (red, upward diagonal above the dotted line). For the past ten days it's loosely been following the 50sma. This is all happening as we approach the wedge between the trendline of the market's downward trajectory beginning May last year and the the support line from 2009 (point of the wedge indicated with the pink arrow).

So, what will happen? My feeling is another steep drop with another muted recovery. There aren't many reasons to think otherwise. If we break this support it's going to come down fast and hard.
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