29 Jun 2015 - 200 Day MA On Approach

The SPX has continued the bearish sentiment laid out last week.  With the 200 Day MA approaching, I would look for a clue to a support here.  But watch the time-frames to see if the support is short or longer term.  The way to see this is to look at divergences or reversals of each time-frame.  Of course if the larger time-frames make a abrupt U-Turn, then I would call that a good signal that a rally with magnitude should ensue.  If a reversal or divergence is only evident on an intra-day basis, a short-term rally should be the stance.

The above mentioned should be accompanied with a signal reset either reversing on OB back down towards OS range or position.  With the possible EW being incomplete, it is highly probable that price breaks the 200 Day support that everyone is expecting.

MT: DOWN
ST: DOWN
PA: DOWN

Note: We cannot eliminate the possibility of this move lower as a C-wave move.  So I am prepared for an upside surprise if it comes.

Update on Bull / Bear Sentiment:
The signal is still good for downside potential which currently sits below the mid-line and open position.