Let's notice that today's action in the cash SPX has sliced beneath its nearest-term support line at 2023, and has pressed to a new reaction low beneath the Dec 14 pullback low at 1993.26, the net result of which has inflicted meaningful, near-term damage within a larger- developing, multi-year top formation.
More to the point, however, is whether or not SPX:
1) can or will recover during today's PM session, and, if not,
2) will the selling pressure extend into Tuesday's session?
If the answers are "no," and "yes," then downside extension increasingly will morph the bigger picture into a large, rounded, distribution top formation.
The next several hours into Tuesday’s close will be especially important to the SPX.
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