S&P 500 Weekly Chart
Look at the chart, bullish case is supported by the following evidence:
- H&S formation that has been broken.
- Bullish divergence in MACD.
- Bullish divergence in RSI.
The next downtrend line is drawn from the 1550 peak. This means that S&P 500 can possibly go to 1100 (time dependent).
I think that everything will be confirmed when it can close above 960 by the end of this week.