SP 500 (spot) - 1 hourly

SP 500 has fallen violently in recent days. The current price has stabilised at the bottom but buying back in must be done with caution as technical indicators suggest more downside. MACD has turned back negative and the candlesticks now trade in the negative Bollinger band. RSI gives a value fair 42. Resistance is above on the white trendline - Until this is broken on a daily/4 hourly time frame, downside still prevails. Current resistance is 3,051 followed by 3,080. To the downside 3,000, followed by 2,950. A break above 3,080 could take this market back to highs again whereas a break below 2,950 could open the door to 2,891.