SPX - break or bounce?

The 1873 area will be the dominant topic going into next week's trading. The last time we saw a strong rejection at that same level. However, we do not expect to see a similar bounce this time. The ADR is moving at a very low level.

A look at NYSE data showed that 429 stocks are trading at their 52 week lows and only 2 at their 52 week highs. This is a very bearish measurement.

At the same time, the VIX is rising to new highs, Crude has already broken its major support and Gold saw another bullish day after the S&P 500 sold off on Friday.