Price action appears very similar to the June 8 window of time when a high was established in the up-leg and then sellers moved in, but the dip was short-lived (3 trade days) and the bulls managed another lift in prices that failed on Aug. 24.
Immediate downside risk for the S&P 500 would probably be limited to prints 1110-1094.
The NASDAQ is a problem. It is unlikely that the selling on Friday, Sep. 3 represented enough of the potential sellers to clear-out the overhead supply. The NASDAQ probably needs to have some sort of a selling capitulation, but the odds for this do not increase unless or until the NASDAQ closes below 1830.30.
Immediate intraday resistance for the NASDAQ is 1852-1867 then 1870-1876. Resistance runs all the way to 1896.31
NASDAQ support is 1843-1819, but a close under 1830.30 would probably initiate a period of price weakness.
Immediate resistance for the S&P 500 is 1123-1130.33 with a focus 1124.60-1127.02. This year's June price action established more formidable resistance in the 1129-1146.34 area with a focus of resistance 1132-1140.
Immediate daily support for the S&P 500 is 1110-1094. Cherney is chief market analyst for Standard & Poor's