daily chart of the S&P has shown signs that upside momentum is waning as the index tested key price level. While there is a high probability that the late-week selloff will momentum but a close below S&P’s 2800 is needed before there is any real prospect of a change in the short-term upward trend pressure. For now, 2800 is the line in the sand. A close below that level would see a massive pickup in volatility