The Momentum indicator has crossed below the zero level on the following Monthly chart of the S&P 500 Index (SPX), hinting of further weakness ahead.
Major support sits around the 1700 level (confluence of the 50 MA and the 40% Fibonacci retracement level — taken from the October 2011 lows).
Price on the following Monthly ratio chart of the SPX:VIX rallied at the end of today (Friday) to close just above the 100 level — which is a major bull/bear line-in-the-sand level — and, about which, I’ve written in numerous posts here.