As impossible as it looked only a few weeks ago, the weekly chart was pointing to a low below 2600 on the S&P 500 (SPX). Current levels show this long drop actually being simply a realignment to an overbought market into where sentiment was waiting for it for quite some time.
A close for this week below 2589 SPX will signal a neutral weekly trend from near record bullish levels last week. The weekly MM MACD will issue a sell signal for next week on a close this week below 2546 SPX.
Latest charts below: