Further to my post of January 27, the SPX:VIX ratio broke and closed below its 2019 uptrend line on Friday, as shown on the following daily ratio chart.
Failure to recapture and hold above, firstly, 180, then, 200 will signal further weakness in the SPX.
Breaks of the RSI, MACD and PMO uptrends are hinting of further weakness in the SPX.
Failure of the SPX to hold and rally above Friday’s closing price of 3225.52 could see it drop to around 3189 or 3153, as described in my above article.
Enjoy the Super Bowl on Sunday!