After bumping into the downtrend line SPX gave away all but two points gained on Friday. Price is once again bellow both EMA25 and EMA50 on 60 minutes chart and one should refrain going long before these EMAs are crossing each other again. Bears are staying now comfortable on 45-50 points gain after shorting the market around 1095-1100.
The most worrying sign for bulls is that EMA20 is almost crossing EMA40 on weekly chart. As I said before these EMAs crossing signaled the beginning and the end of the 2003-2007 bull market. It doesn't necessarily mean a new bear market will start exactly at the same point but it won't probably happen too far away from these values. History doesn't repeat but it rhymes.