By Lawrence G. McMillan
The S&P 500 index continues to trend lower. This downtrend can clearly be seen on the accompanying chart, where there is a series of lower highs and lower lows, as denoted by the descending blue lines.
In order to break the downtrend, the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.07% would have to rise above 4470, in my opinion.
Even though most investors probably are not too concerned since the decline has been small and rather steady, trading has been frothy and volatile within the blue lines. There have several gap openings, all of which have been closed at the current time. There is support at the horizontal red lines on the chart, the nearest of which is at 4230.