The long term trend is still up but when switching to a daily chart, it could be in danger; bulls need to step in and start buying..
SPX is at the moment trading below its daily MA20-value and this should be a heads up. Regarding the price pattern, I can’t really say is it bearish or bullish. Last friday was though ugly if you ask me. We are also close to elections in the states and I bet the news are more filled with articles about the candidates than with troubled world economies. What is the odds for a huge drop before the elections then..?
Furthermore, GOOG missed earnings abit. AAPL is a heavy stock and its earnings is up next. AAPL earnings trend has been somewhat declining.
EDIT: A friend of mine sent in his wave thoughts, below chart with Elliott Waves.
