I could easily see more downside tomorrow, however on balance volume decreased significantly, which is a pretty decent warning this down wave is not be trusted for long.
S&P 500 Daily Chart
S&P 500 Daily Chart
Of course, now that we've broken a trend line it will remain on the charts to serve as a resistance guide, which appears to be 1806 tomorrow.
S&P 500 Daily Chart
Whether or not the market breaks today's low will be a very helpful signal. If that happens the race to 1775 could begin. If sell pressure still remains, a 20 point drop may not be out of the question. Either way, very short term downside seems viable then we'll see.
S&P 500 4 Hour Chart
S&P 500 1 Hour Chart
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