Last year the index fell 0.5% however on the first week of the year it fell more than 6.0%.
Last week the index plunged with the wide range and closed near the low of the week in addition managed to close within the previous week range, suggesting a week strong bearish momentum.
The Stochastic is showing a strong bearish momentum although is still above the 50 mid line.
The S&P500 is in a well-established bearish phase since the end of December and continues to close below the 10 and 50 week moving averages.
Expecting an upward move to a weekly resistance at 1,973 on a bounce from a weekly support at 1,891.5 (scenario 1) or a break below the weekly support at 1,891.5 could push the index down to 2015 low at 1,830.20 (scenario 2).