Signals

Short term signal: UP - it will turn down bellow 1694
Intermediate term signal: NEUTRAL - it will turn up above 1704
Comment: The choppy action continues, another failed move above MA50 on the hourly chart. On the other side it looks like it is building base to move higher. We have a nice looking 20 day cycle exactly at day 20, so the odds favor some kind of a move up before final low for the 40 day cycle.

Watch price behavior for clues:
- top is in and leg down has begun - sell off continues and we see technical damages - move bellow 1670.
- a rally higher underway - not more than a pullback to support 1675-1682 and another move higher.

Levels to watch SP500:
- 1710 - resistance
- 1675-1682 - support level
- 1627 - support level
- 1598 - is major support.