$SPX Weekly Chart
Pulling out to the weekly view, you can clear see the 300 pt range that we've been consolidating in. MACD, Stochastic, and ATR would suggest more downside is likely in the weeks ahead. Notice the 50 week moving average has been key support, which we're at now. When it has been violated in Aug 15' and Jan 16', it has led to significant downdrafts. Rough targets would be the bottom of the range near 1800, and if it is violated a push down to 1600 is possible.
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