I'm bearish on the monthly unless we have a miracle on SPX500
We've had 5 bounces of this key support line, I view it like ice on a pond. Every rally after it is shorter lived and weaker since the 2nd bounce
If we retest this support area I think could be the final straw that breaks the ponds back
Looking at MACD on the weekly for SPX500 reveals that historically when MACD is negative for as long as it has been recently, SPX500 has crashed further.
Weekly MACD suggests a bear 2016-2017 for SPX500