It seems like index has set a short-term cycle low.
Nearby support is around 1430-1440 area. As long as 120-1430 is not violated, the recent low has a chance of being an intermediate cycle low as well as a short-term cycle low
Longer term, there has been a loss of structural integrity as can be see from weekly prices of MAI of the chart below
This is not a sell trigger. The sell trigger is, to me, from price itself based on support and resistance in my time frame of operation. That said, loss of structure on a longer term basis can be a warning sign as less and less issues have positive technical alignments. Index may ignore and slog on as it has for many months, but one must be aware and mindful of the gradual structural erosion
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S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago