BIG Chart, page-13

So anyway, looking at the chart today the SP actually broke down beneath the lower BB which typically means it was oversold and we had possibly one of the biggest spinning top candles I have seen for some time which also is indicative of a bull/bear fight. The market may not tolerate any sustained lower drive down of the SP given current fundamentals.

In fact, last time the SP dipped below the 50 day EMA was between March and April where there was a similar 30% or so retrace from a series of gains before resuming a gradual up trend.