SPX Update: Running Short on Real Estate

Since last update, SPX fell a bit further, reaching and exceeding its potential target:

It also whipsawed the blue line on the daily chart:

In conclusion, SPX is still above its key levels for now, but has continued to show weakness.  Bulls probably need to make a stand fairly soon or risk a broader sell-off.  One of the more bearish near-term potential outcomes (if SPX sustains trade below its key overlap) would be a trip back to the black horizontal line on the daily chart, currently around 6500.  We'll see if bulls can right the ship soon -- or not.  Trade safe.