S&P 500 - Increased risk of a sell-off to 200-DMA support

Repeated failure on the part of the bulls to push the pair back above the rising trend line (coming from Feb low and June low) throughout the third week followed by a retreat to 2120 on Friday suggests increased likelihood of a break below the strong support level of 2120.

Such a close would open doors for a quick fire drop to 2077 levels (200-DMA).

Also note, the 50-DMA has topped out nicely and is now sloping downwards, which adds further credence to the bearish view.