At the end of March in our analysis on SPX we warned bulls that the upside potential was limited and price was vulnerable to a pull back towards 4450-4350. Today price has made a low around at 4449. Short-term trend is not bullish anymore.
Red lines -Fibonacci extensions
Black lines - Fibonacci retracements
SPX has started making lower lows and lower highs. Price has stopped its advance and is turning back from the 161.8% Fibonacci extension target and the 78.6% retracement of the entire decline. Now price has already reached the 38% Fibonacci retracement of the last leg up. Support is at 4450 and if broken we should expect SPX to continue lower towards 3330-3350.
