Both 1070 and 1100 were touched twice this week proving one more time that market players recognize both of them as important support/resistance levels. Here comes the expiration week Friday that tends to end in red but bulls cannot afford to give away more than 5 points on SPX so is going to be tough for them tomorrow.
With today's drop SPX has formed a lower high (ellipse) and we can see an incipient downtrend line. At the same time SPX has formed a higher low (rectangle) this week so we do have conflicting messages, an uptrend line (broken today) and a downtrend line, not unusual when market is trendless. On short/intermediate term market is bearish especially when looking at daily DMI that is red. On long term things don't look too bullish either with SPX bellow SMA200 and weekly DMI in negative territory but 2-3 good days on the upside could bring market closer to SMA200. I miss the days when market was rallying or plunging and didn't change sides so often. We are entering now a third month with market pretty much in the same area and I don't even think about guessing when are we going to pick one side and stick with it.
Hourly chart brings some good information. Price is bellow a declining 5 days SMA but also bellow EMA25 and EMA50 that once again are declining. Remember that my best timing method is to act when EMAs are crossing each other that is still functioning a little bit and managed to earn me some money. Always keep an eye on these guys since they may not making you a lot of money but you will never lose your shirt if act as soon as they are crossing each other.
All the best!