The bottom of the bearish flag broke today, and skidded down to the 1580 level. We have bounced a bit, however as you can see on the chart, things do not look too good for the S&P right now.
If the bears come out in droves, we could see 1550 come soon, and maybe even lower, but the target off that flag is about the 1550 - 1560 level. Time will tell.
|S&P broke bearish flag|
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