Selling Pressure Inflicts Damage to the July-Oct Uptrend

The Emini S&P 500 has sliced beneath its nearest-term significant support line off the July 24 low, which cut across the price axis this morning at 1442.

The fact that the price structure has been trading and consolidating below the trend break point suggests strongly that the bears are firmly in control of the decline.

There is more weakness directly ahead that projects next to 1426-1423, which if violated should trigger downside acceleration towards 1404-1400.

Only a rally that climbs above 1444 will neutralize current and expected price negativity.