Cash SPX Heads for Third Key Downside-Reversal Session?

It is interesting to note that today's early strength followed by acute weakness in the SPX has set up the potential for yet another key downside-reversal session, which will be the third "event" since April 4.

To satisfy the criteria for another key downside reversal, the SPX will have to decline and sustain beneath yesterday's low of 1815.80.

Should such a weak close occur, the cluster of three such key reversals within an 8-session period is testimony to the change in market profile to "sell strength," from "buy-the-dips."