The S&P 500 is threatening a breach of the high-volume support zone first tested in October of last year at 1820 – 1880.
This zone remains support however the re-visit of this zone is a bearish development with the odds of an eventual breach most likely.
A breach of support would open the door for an accelerating decline. The next lower target / support is at 1625 – 1704. In such a scenario, this lower support zone is likely to be an advantageous buying opportunity.
