S&P 500 Approaching Support

Today's sell-off in the S&P 500 is bringing the index down to a key support level.  As shown in the chart, the index is currently not only trading slightly above its 50-day moving average (1,337), but it is also close to breaking its short-term uptrend beginning in early June.  This break of downside support also comes less than a week after the index pulled back at resistance from its downtrend that has been in place since the April highs.  If you are a technician, it is not a very pretty picture.