The S&P 500 has fallen to its lower channel line where it is challenging both that and the 200-day moving average. Not far below both is the 50-day moving average, too. Today may resolve the potential change of trend should the lower channel line be breached.
The 60-min graph shows the downward channels of the last two days remain effective, without hint of a pending delay in further decline. The breaking of the longer-term channel line and/or 200-day moving average could add a day or two delay; awaiting the meeting of the 50-day and 200-day moving averages may be, ah, too poetic to resist. On the other hand, a breach-without-delay will indicate a decline of strength.
The S&P 500 has fallen to its lower channel line where it is challenging both that and the 200-day moving average. Not far below both is the 50-day moving average, too. Today may resolve the potential change of trend should the lower channel line be breached. 
The 60-min graph shows the downward channels of the last two days remain effective, without hint of a pending delay in further decline. The breaking of the longer-term channel line and/or 200-day moving average could add a day or two delay; awaiting the meeting of the 50-day and 200-day moving averages may be, ah, too poetic to resist. On the other hand, a breach-without-delay will indicate a decline of strength.
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