S&P monthly and weekly remain in the uptrend.
Daily has moved into a downtrend.
the new high and then a reversal at the close yesterday is troubling for the longs.

a daily close below 1407 will start a new move down.
the first target is 1380.

a move above the previous highs will signal a new move up to the 1430-1440 area.

the FEZ and FXI ETF’s are indicators of Europe and China, respectively.

FEZ has had a nice move up and is at target; expect consolidation.
can trade this thru the currency futures.

FXI had a similar move up and has now entered into a short trade to 33.59.
however the downward pressures seem to be expended, so be alert for a new move up.
watch copper and FCX as proxies for this FXI index