The 60min spx chart shows an upchannel, and a coil within the upchannel (starting from this past monday). Today, there was a break ABOVE the coil in a attempt at 1152 (which failed thus far). One scenario would be the SPX rides that broken coil trendline down and closes around 1139.
I do expect downside to 1121 in the coming days, and more in the coming weeks / months (eventual target is around 977 then 945).
Tomorrow, if we do not gap up, i do not expect over 1149 spx. My work suggests sideways movement, downward, without a gap above today's close. But an open higher than today's close could change that.
* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".
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