This is an update of my Feb. 6th post on the status of the S&P 500 in what I call the short term timeframe, as viewed on a daily bars chart.  The chart here is shown on a somewhat expanded scale compared to last week, to better see the recent price movements.  See the Feb. 6th post for background.

We see that price has bounced up this past week, consistent with my expectations, as expressed last week.  It’s still in a downtrend on this timeframe as long as it remains below R1.

Since the price peak on Feb. 2nd was far below the primary resistance curve, R1, this identifies this downtrend as an accelerated one.  Therefore, I’ve been able to fit a BottomFinder to this trend, BF1 on this chart.  It is currently 52% complete, with the projected horizontal location of the end of the trend at that dashed vertical line.  We’ll keep watching this, with the expectation being that the price at the end of the trend will probably be at one of the support levels that’s laddered below the price here.  I’ve added to this daily bars chart those four horizontal line segments at the levels of the ladder of supports from the weekly bars chart, as shown in my Feb. 7th blog post.  Those levels have not changed since last week.

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