You need to check out the chart below of SPX, because right now we are testing a massive long-term trend-line going back to the March 2009 lows. 

That’s right – the whole “But the Dip” era is at risk here, and as I type this, SPX is actually trading below the critical level. But don’t let that scare  you because we are still early in the month, and it all depends on where we close the month out at. 

Should we close the month and the  year below this critical trend-line, I think 2019 will be a pretty miserable year for the market. If it can hold it, well, we live to fight another day, or month in this case. 

So take a look, print it out if you must, but be sure to track it, because if the market can’t bounce into the year end (which I think it will ultimately do), then this market is in deeeeep trouble!

Here’s the SPX Monthly Chart.