Stock Market Breakdown Analysis

A “measured” fractal may form a low at 2140.00-2145.00, then develop a bounce. However, the mid-Cycle support at 2122.54 and the 50-day Moving Average at 2112.88 may attract a lower decline toward that range.

Either way, SPX is setting up for its first bounce back to retest either sort-term resistance at 2162.08 or the trendline at 2165.00.

Many pros go short at that first pullback.