The S&P 500 index broken above our ideal target at 4.444 for a test of 4.546 where it stalled a turned lower and now closed below the trendline support at 4.468 indicating a larger decline is in motion. The first target we will be looking for is seen in the 4.168 - 4.190 area, but the extended period of time the S&P 500 index has rallied without any correction other than unusual small ones could indicate that a larger correction now is install for the equity market.
We would not be surprised to see a series of top-formation beginning to develop in the coming weeks followed by a sudden waterfall decline in the S&P 500 index.
