S&P: Final support before a long term downtrend.

The index is now on very important crossroads as the 1W supporting line of the third big uptrend (within the bull cycle since 2008) that started in February 2016, has been touched. Technically this is a very big support, which should not be crossed as it will deliver a long term downtrend. Fundamentally it comes down to this week's earnings. We are expecting a continuation of the 1M Channel Up (RSI = 58.859, MACD = 153.940, BBP = 161.2240) and a rebound on this support. First TP is the 1W Gap Fill = 2,785 with 2,900 the extension.