It's 11 am, SPX moved a few points bellow a slightly rising 5 days SMA. The intermediate time frame downtrend is still intact but I would like to see SPX a little bit further away from the 5 days SMA than it is now. EMAs on the other hand look like they are at a safe distance of each other.
Let's keep an eye on 5 days SMA (around 1,201 this morning) and on EMA s crossing. I would like to see both EMAs pointing down again.