S&P in Descending/Sideways Channel, Under 200DMA (SPX, SPY) - Chart

Here's a quick technical look at the S&P 500 in log form. SPX is selling off at the 200 day moving average (1114) and near term resistance level. It's also trading in a descending and sideways channel. There needs to be a variety of technical confirmations to get out of this trading range.

In my opinion, on the long side I'd like to see SPX trade above the near term ceiling, 200 day moving average and descending channel. On the short side or put side, a break below the 50dma or triple support around $1050 could be a starting point, depending on risk level. The 50 day moving average (1081.81) could act as support if SPX continues to sell off. The E-mini September S&P Future is at 1093, -0.34% overnight.

SPX Technical Clusterf* by Dvolatility 7/30/2010