http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p70142979615&a=266398464

We sniffed at the triangle when price fell out of it, and till today it looked reasonable to discount price behavior and even regard it as a bear trap.   But today on a near power bar an important support line was broken. (“Near power” because  of the strong recovery off the bottom.)

The PnF system took this to be the beginning of a downwave and a signal:

http://stockcharts.com/freecharts/pnf.php?c=%24SPX,PWTADANRBO[PA][D][F1!3!!!2!20]

The PnF system looks for a target of 2041.  Reason enough for us to scale out of some of our S&P500 longs.