The S&P 500 is showing in the price action a greater willingness and propensity towards the downside. This + 'Septaper' coming up, and we should be expecting downside pressure. The early August highs evaporated and formed a false break above 1700, in the process forming a new SL (swing low) Bulls will likely take one last push up, which should produce an LH (lower high). This formation of an LH in the resistance zone above will likely mark the death knell for the uptrend, and bring in a fresh round of sellers. I'm not expecting the index to make new highs for the year, and am anticipating a larger than expected (by most) reversal. Minimally am thinking we'll touch 1600, with potential downside targets of 1560, 1535 and 1485 so quite a lot of downside available.