Market Indexes: Major U.S. Equity Futures closed slightly lower
Today, overall, was a "lower low, lower close" day, as shown by the SP500 Daily chart below. The major purpose of today from a technical stand point was likely to close the gap left open at the 2525 level from 12 Jul, shown in the black circle.
|S&P500 Index - Daily Chart|
As long as price keeps making lower low and / or lower close days, it is best to assume the trend direction is still down. While an upward correction of the down trend could start anytime, look at how many gaps there are open on the chart between 18 May and 29 Jun. They are at risk of filling.
A couple of other things to note. The EMA-13 (green line) is at risk of a bearish cross under the EMA-34 (blue line) in the next couple of days, and the MACD histogram (similar in some ways to the Elliott Oscillator) is making new lows, while the MACD line has crossed below zero for the first time in more than three months.
Keep life simple, for now. I am. It's time to start the weekend, and then to prepare for the solar event of the season!
Have a good start to your evening.