Option Investor
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There hasn't been much of a change to the 60-min chart from mid day today. The bounce is looking like a correction to this morning's decline rather than the start of the next leg up. But I've seen enough rallies blast out of what looks like a bear flag pattern to keep me on guard for that possibility, shown in dark green on the chart. If we get another leg down watch for a drop down to about SPX 811 tomorrow for possible support to launch the next leg up. And then there's the key level at 810 which if broken will suggest a move down to 760-780 is next.

SPX 60-min chart:
[Image 1]

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