Technically speaking, there are 2 strong support lines on S&P Index that will trigger the sell signal if they are breached.
On the mid-term (the last 4 months), the market evolved in a rising wedge (between T1 and T2) and the violet support line is also very important for the near term.
The sideways market in the last 5 weeks, created after a period of rising trend, shows the indecision of the investors and it could mean a distribution.
To sum up, there are high chances for an intermediate correction that could travel down to the 50% retracement level ($1,289) where the October highs were also created.
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