Chart of the day: Standard & Poor's slips suddenly

About the best performing index since August, all but rallying back to the record high, yet weekly momentum remained bearish throughout - which might explain last week's sudden slump below the 200-day moving average and the formation of a bearish engulfing candle. With the Vix index up at 20 per cent, and the index down at 2,000, the ratio of these two is 100 and at the mid-point of the range of the last decade - which points to another interim high being in place. We might hover above the 50-day moving average and Fibonacci retracement support this week, but later on we would pencil in further losses towards key long-term support.