SPX Technical Support & Market Trend

Stock Market Trend - Neutral (watch tonight for next week direction).
If "Bear market" rally for short term may last 2/3 weeks (likely end at end of August/early September).
Current market sentiment - negative on low volume sell down.

SPX (S&P 500) Thursday closed at 1083.61 (-5.86). Low 1076.69 and High 1086.72.
Uptrend resistance - 1108 (1st) and 1126 (2nd)
Downtrend if break - 1079 and follow by 1070

Index 38% retracement from 4 week low - 1056.88.

Stocks Above 200 MA weekly chart for reference.  Is it near bottom? Watch Cisco (one of the main trigger point this week and also bearish low volume sell down from "poor" economic data released from US, warning from UK and China) and stock above 200 MA will cross below 50.5 or trend up towards or above resistance 53.6.  Retracement down ~38% from 4 weeks low (43.94) and 13/52 weeks low (40.3). Do watch stocks 50 MA daily and weekly chart for trend reversal. 

Watch Copper market trend after close for direction. A critical indicator.

CBOE Options Equity Put/Call Ratio - show sign of reversal. Need to monitor closely

Asia showing positive sign 1st half of the day. S&P 500 Futures up 5.25 points now.

Listen to Rod Stewart - Sailing  and First Cut is the deepest from youtube. A happy weekend.

P/S - I don't and will NEVER short market. Will add Bad Karma!