Here's a 5min S&P futures chart showing an ascending blue trendline that held the rally above it all day today. Late in the day the rally then ran out of steam and started to fall, causing the S&P to break through the trendline and trade below it. As typical in breaks of trendlines, the index then rallied to try and break through above it again, but after several attempts (see red circles at top), the bears took over and sold the market off lower. This short term minor technical indicator may be a sign that this short term rally has ended and more heavy selling will occur, taking the index below 800. But again, this is just short term speculation so I can try and grasp where the market is going in the near term. My stance is solid that the market is in a corrective phase, and when it's over it will send the market well below 740 in the S&P cash.
As for the short term setup above, we'll see Monday how it plays out.
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