Watching for Support and Then the Next Bounce Up

It was a downtrending day in the cash S&P500 on Tuesday and the high at 1395.90 is now a price fractal. We have a lot of room to drop before the short term trend changes to down, and plenty of moving average support in between. In particular, 1360-64 and 1340-45 may be very good support. The question as to whether or not we have just seen a key top will most likely be answered on the next bounce upwards, not with a collapse straight away to below 1324.35.