SPX has now a short-term down trend from Wed to Friday of last week. The key area will remain the support at 1073-1070 and the more the market test this level the weaker it becomes.
The 1070 level is more import on the daily chart. On the daily SPX a descending triangle has formed, although it is young and not well defined yet, forming with only a few candles. The bottom of it is the 1070 level, which is also the 20ema. A break of this descending triangle, which would make a rough measured move from 1100-1075=25pts. This would put SPX right at the second gap that has yet be filled at 1050.
