I don't want to get too cute here in my analysis out of fear of missing the forest for the trees. The next MAJOR move is lower and it can start at any time, and from current levels or even a little bit higher - see smaller rectangle on charts below. SPX - Intermediate Term Trend Model SPX 30 Minute Intraday Key level to trigger price collapse is first, 4100, then next 3700. First support after that is 3000. Look for Powell speech at Jackson Hole tomorrow to be a catalyst, the question being a catalyst for what? A wave 3 of 3 down, or, a final spike high in front of a wave 3 of 3 down? Either way, market enters wave 3 of 3 down going into September. SPX 5 Minute
