SPX - Cautious/Neutral as Rally and support breaks

SPX has broken rally and first levels of support. After being bullish from May 31 until late July, a few weeks ago I pointed to 2,940 in my weekly-email as a level where I might get more bearish and we're right there now.

We'll see how the market closes, but unless it closes above 3,000 (unlikely) I'll be cautious for a few weeks. Cautious doesn't mean I'm expecting any kind of crash. In fact, I'd expect a grinding pullback or sideways decline, and then a buyable dip.

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