We are getting close to an important support level in the 1412 area. You can see on the chart where this support held previously, but it may not hold this time. If it does not hold then that would give us a lower low on the $SPX and we will then be at risk of putting in another lower low and or a lower high. If we start to see something like this, then the up trend is in serious jeopardy and some would say that the up trend would at that time be over.
$SPX is also moving with the confines of the Bull Flag and though it pierced the bottom of that channel today it did manage to close back inside. This is not very bullish but it’s all there is.
I continue to hold my long positions and am waiting to see what happens around the 1412/1411 area before I finally cash out.