The breakdown from the recent high on the S&P 500 has been rather slow and graceful. That is often seen as a good way to breakdown as there is a steady build of volume through time. In other words, it creates a solid area of support when (if) price can get above in the future.
As the S&P 500 is not below key support of 1,399, the potential breakdown to the next level of support of 1,390. Beyond that, the next level of support is down to 1,368.
More importantly…
