The following chart shows that the ES is currently trending down, after having generated a sell signal on June 18th.

The reversal downward in the S&P after rejecting 929 in the E-Mini S&P futures contract could be played easily by going down to a smaller timeframe, that nicely indicated traders to sell short and ride down the best part of the downtrend:

As a conclusion, the E-Mini S&P 500 remains in a downtrend as long as it trades below the green buy-line that is currently at 927.50. Above that level, there would be compelling reason to assume that the bull has come back.

On a side note, it has to be stated that the Nasdaq 100 (E-Mini NQ) also remains on a sell signal, ending the rebound that started June 24th;

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Disclaimer: This analysis is solely the opinion of Crossroads FX and its authors, and does not constitute investment advice. Opinions expressed should not be construed as recommendations to buy or sell stocks, bonds, futures and/or options or other derivatives. A qualified investment advisor licenced by the appropriate regulatory agencies of your jurisdiction should be consulted prior to the purchase or sale of any investment.