At the moment, price is back above this level, after bouncing in between 160.00ish and 120.00ish since that last post.
The following 2-year Daily chart of the SPX shows a high-volume spike made this past Friday. Generally speaking, each time such a volume spike occurred during this timeframe, it has been followed by, either, an immediate reversal, or one shortly thereafter. If history is to repeat itself, I'd say the SPX is due to reverse to the downside soon.
We may see clues of such an event develop in the SPX:VIX ratio chart above. Bulls will need to hold price above 150.00, plus we'll need to see the price of the Momentum indicator hold above the zero level. A drop and hold below those levels may see the Bears re-take control of the SPX and send it below its last swing low to, potentially, re-test the 200-day moving average, or lower.
Additionally, further clues as to direction may be found in the last update I've written in my post entitled "Major World Index Poised for Breakout or Failure?" at this link.
