The S&P 500 opens 22 points lower to 1930

The S&P 500 is headed for a weekly loss, falling another 1.1% at the open on Friday. We wrote about three reasons to sell stocks and another one may be coming soon: The technicals.

A few more points lower and the S&P 500 will break the uptrend since late August. If so it could strengthen the reversal candle we saw yesterday. A close today below 1916 would be a troubling signal.

Update: A wave of selling knocked the pair as low as 1919 and through the trendline. Key support is now at 1916.