$SPX 15 Minute: If it's a wedge, then the most likely count down is an ABC pattern because of the wedge. So, if that count is right we might be finished, but if it's a wedge, the pattern target down would close the gap in blue and maybe test price support on the black line. In that view wave A would equal wave C. If so, then price should reverse once again and soon. Above B and this leg down might be finished.
$SPX 60 Minute: I've got the pitchforks on for context. The two red circles are likely targets if we need to move lower from the wedge. MACD has yet to turn up and there are no divergences yet, so it's a viable expectation that wave C goes a little lower.
$SPX Daily: On the daily chart I have two blue lines, one is closing the gap, the second is a test of a price low that would dangle price below the channel. The MACD trending lower still supports more weakness for now, so we could get that near term.
$SPX Weekly: On the weekly chart we have very little that is bearish. A small divergence on the RSI but that's about it. Price could easily test the up trend line only to rally to the next price resistance area above 1,400.
My Watch List: The 4 charts I like the most are all retailers! They have all been market favorites which makes them aggressive short candidates.
JWN: Divergences every where. MACD turning down with price. Possible ending diagonals. Price continued lower and stopped right at the 50 day MA and lower BB. We could bounce at any time, but price looks weak.
COH: One of the strongest retailers out there but price looks tired. Rolling over with divergences and price continued lower. Price is resting on solid support, so this could hold up near term and bounce, but a break below should bring selling pressure.
RL: Price testing the bottom channel line today. Below that makes a good trigger.
AZO: One of the strongest stocks on the planet. But it too looks tired with divergences in place. It needs more downside though to create more technical damage.
From My Trading Desk: I took my short off on OPEN today for a tiny loss. I did that so I could enter a half short on JWN, which is probably the most interesting pattern currently. Early in the day, I sold my fractional position of MU because it was breaking down and continued to sell off all day. I might have gotten washed out but I wanted to keep the loss small. Just risk management and I didn't want to trade on hope. At the end of the day we took a 1/3 short on RL.
Hope all is well.
J.D. Rosendahl, Rosey