The $SPX is coming up from below against 2 vital resistance points: it's 200-day SMA and the 1905 low of Aug 7. For those few on this site who may not know this: Once a low point which has been downside support is broken, it becomes resistance when the price of the item moves back up towards it from below. So if the $SPX can rise above these former low points, it will have made an excellent technical accomplishment. The 200 day SMA was not a previous low point per se, but it did provide technical support for the $SPX for a long time period. So the principle described above works the same way for it as for the 1905 former low.
Additionally, Richard Russell's PTI stopped going down right at it's 89 day MA on the day when Major Wave A of Primary Wave 4 probably made it's low. Russell's Dow Theory Letters has used the 89 day MA as the dividing line between bull and bear markets for decades, and it seldom if ever has given a wrong signal. It seems to be an exception to the principle of indicators losing their validity after too much exposure.
Link to $SPX chart on Stockcharts.com: http://stockcharts.com/freecharts/gallery.html?s=%24SPX
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