SPX

SPX closed the week at 3900.85. We saw SPX finally break down out of it's very tight consolidation between 4200-4080 last week. SPX fell quickly from this level dropping ~200 points. SPX followed QQQ's fall this week. SPX closed the week near some resistance in this range, but could test as low as 3810 if it continues to break down. It's possible for a double bottom near this range to form, although likely SPX needs further consolidation before a bottom first. At these levels, SPX is still mostly neutral, with a bearish bias if we do break down quickly on Monday.