The SPX weekly chart below shows short-term resistance around 1,325, i.e. yearly high and weekly upper Bollinger Band. On Friday, SPX rose to 1,324 3/4 and was turned-back to close at 1,319 3/4. Also, the FOMC announcement is Wednesday. So, SPX may trade below 1,325 before then.

The daily NYSI (brown line) made lower highs throughout the current cyclical bull market, while SPX made higher highs. On Friday, NYSI closed at 727, which is below the 772 most recent high, while SPX hasn't reached a new high. So, SPX may rise to a new cyclical bull market high before beginning an intermediate-term downtrend.

Sentiment indicators, e.g. the CPC 10-week MA (above price chart), remain bullish. However, the NYMO 10-week MA (below price chart) has turned bearish. Another major mixed signal is September has been the weakest month for the stock market. However, the price of oil fell below a long-term support level a week ago (see daily oil chart below).

Also, the SPX chart shows there's major support around 1,280 (i.e. 10 & 40 week MAs and weekly middle Bollinger Band). Moreover, 1,290 is the W-pattern breakout, which is also major support. So, downside may be limited, perhaps for several weeks. Major resistance is 1,326 (yearly high), and around 1,350 (new cyclical bull market high).

There are many indications that the next downtrend, before the end of the year, will be steep, including the "Four-Year Cycle," where 8% to 36% pullbacks have taken place every fourth year, since 1962; the current cyclical bull market without at least a 9% correction, which is the second longest, since 1900; the geometric rises of the SPX to VIX and SPX to U.S. Dollar ratios; the inverted yield curve, e.g. the 10-year bond yield 45 basis points below the (short-term) Fed Funds Rate, etc.