SPX recovered the 2HS2 1905 level today, which is potentially a big deal, especially considering all the other long term levels in play (see today's blog post). However, the bounce will be heading into OctP at 1937; and then even if that clears, Q4P is 1973.

This is a case of a long term support level holding - which does give a chance of bottom - but the medium term trend is still negative. Watch that level carefully, because if the medium term trend cannot turn up, then the long term trend remains down. That said, a positive development in the medium term trend would help confirm this move as an important low in the market.