The indicators are weak and bleak sloping negatively so additional lower lows in price are expected after any bounce in this one-hour time frame. The stochastics are oversold wanting price to recover with an initial bounce. The SPX 2-hour chart shows a weak and bleak RSI and MACD line so the expectation would be for soft trading ahead today at least into lunch time.
The chart above has a couple of head and shoulders (H&S) patterns in play. The purple H&S targets 2042 which is almost achieved. The brown H&S targets 2002. Price came down to fill the gap from 10/22/15. An island reversal pattern did not occur since that would have required price to collapse from 2060 to 2052 creating a new gap and the island above.
The 150-day MA is 2059. The 100-day MA is 2035. The 50-week MA is 2062. The 20-week MA is 2033. The 10-month MA is 2055. The 12- month MA, Keystone's cliff level, is 2050, so stocks fell off the cliff yesterday indicating serious trouble ahead. The SPX began the year at 2059 so is now negative in 2015. Grouping the key moving averages together, strong resistance exists at 2050-2062 while strong support exists at 2033-2035.
The 200 EMA above at 2052 tells you everything you need to know about market direction. Bears win big if they remain under 2052. Bulls regain control of the stock market above 2052. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
Note Added Saturday, 11/14/15: The SPX collapses in Friday trading with price ending the week at 2023 with a LOD at 2022 testing that lower support level shown in the chart at 2020. Once the key moving average levels failed as described above at 2033-2035, stocks flushed lower.