Near critical technical support for S&P?
The S&P is nearing critical technical support. It is flirting with its 200 day moving average (blue dashed line), along with a trendline that has traced along recent bottoms. On a linear chart (below), it is also flirting with breaking the longterm support trendline from the 2009 bottom.
On a logarithmic chart (below), the S&P broke under its 2009 support trendline months ago (white circle) and has established a down/sideways trend. Whether you prefer the linear or logarithmic chart, the recent sideways trendline (heavy dashed) is probably pretty important for the index to hold.
A break doesn’t necessarily indicate imminent disaster, but it would indicate that the current trend is down, not sideways, imho.