50DMA @5180 could be a target - futures now at 5226.
Chinese economy not providing confidence signal with latest PMI below 50, commodities recent rally likely to peter out.
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$SPX - Daily Chart: The $5250 gap has been filled, and the $5215 S/R level provided support, coinciding with the 20DMA zone.
A bounce or muted session tomorrow is possible, but it's too early to call a bottom, it would be better to see Williams%R completing the move to oversold zone.
The bearish MACD crossover is confirmed, and unlike February and March when it was constantly invalidated, this MACD appears when the three major indexes reached strong annual resistance levels.
In the case of the SP500, this level is $5304, as presented over the weekend with the Fibonacci extension analysis. Dow Jones was also presented during the weekend, showing perfect rejection at $39,835; a resistance anticipated since January
