SP500 about to confirm a trend mode move down

SPX has broken cycle support and will trigger a trend mode move if it fails to rally over that support move. This is a VERY important development as a trend move from these levels could look like the similar trigger shown in September 2008 on this chart if it were to occur.

Where we stand

Bearish Rally Signals are being generated...and market structure seems to be complete or in a completion phase. A-B-C bounce has set up nicely on RUT and matches high probability targets. As a secondary potential the same target areas could be met with a 5 wave wedge rather than an A-B-C pattern. The important thing is that we have triggered resistance signals already and it seems do not have that much more upward potential.