The S&P500 has broken its 50% retrace Fibonacci level of roughly SPY $131 after a down trend day off of an R1 reject. I know that sounds like a technical mish mash. Bottom line, internals are weak and weakening, and the VIX is higher by over 8%. I’d put next support at the rising 21-DMA near SPY $130.50, then at the next Fib level just under $129. There is probably a buy for a trade somewhere near or within that range — never investment advice — but for now price action is in a slide.
