The orange support from October 29th analysis was reached last week. This is anticipated to be a very strong level of support. Therefore, the gradual decline phase since mid-September should now be complete.
A rally phase is the next step according to the big picture outlook for SPX.
Short term, a bounce to test just above the white trendline may occur shortly. Ultimately the upper boundary of the turquoise broadening top formation may be reached during the big picture rally phase.