S&P 500

The S&P 500 sold off over the last three days to touch the lower Bollinger band and 40 DMA near 3065 and then bounced back in the day to close higher. This is an important support if the trend up as to resume from your itself. The decline on hourly charts is three waves down so far, meaning that it is a corrective decline unless we break yesterdays low. That said with momentum is still in sell mode the cycle is incomplete and it is possible that prices spend some time at the lower end of the range forming a base before advancing higher.