S&P 500 Weekend update

• Price closing the day below 50 Day SMA again is negative for bulls.For gaining momentum bears must break and trade below 1357 for possible targets near 1340.
• 20 Day SMA is crucial resistance. for the up move to resume price must close above 20 Day SMA.
• 2nd chart shows Weekly MACD getting ready for a sell signal. Price must stay below the up trend lien and the horizontal line for the sell signal to confirm.
• 20 Week SMA shown in last chart is a crucial support level. 
• JP MORGAN WEEKEND UPDATE