**UPDATED: Take a careful look at this S&P 500 chart …**

Today’s updated chart shows the percentage of S&P 500 stocks with a 20 day RSI at a positive or negative level. (Remember that, on a standard RSI indicator, it is really Neutral when the RSI is at a level of 50. Above 50 would be a positive and below 50 would be a negative.)

When you look at the chart, note that it recently made a lower/high, and then started moving lower.

Here is the important thing right now … If this 20 day RSI percentage now continues to fall and then goes below the 33.4% level made on December 16th. (Marker 185 on this chart.), then that would confirm a down trend, and the market would follow accordingly.

About the chart: The numbers at the bottom run from 1 to 204. Each number represents one trading day, so 204 represents the most recent trading day which was last Friday (January 2nd.). The percentage numbers on the left hand column are the RSI readings where below 50% would be a negative level.

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