SPX Technical Analysis 101
1. The August peak was accompanied by notable divergences in the McClellan Summation Index ($NYSI) and RSI.
2. SPX reversed from outside the Keltner Channel and bounced off the middle Keltner line and June's high technical support.
3. The bounce was likely completed on Friday, with RSI curling down from the 60 range, which is typical for bounces.
4. SPX should retest the support mentioned in point 2 above.
5. If it breaks support, the next targets are the lower Keltner line and the 50-day moving average.
6. $NYSI, the swing trend indicator, is pointing downward.
