The S&P 500 is looking bearish after closing last week under a key support. It could mean tough times ahead.

The S&P500 ended last week on a very weak note, closing just below the key support level at 2000, which effectively opens up the door for more losses into the year's end. We can see in the daily chart below, there is not any significant support until the key level down near 1860.00, quite a distance away. We could consider looking for price action sell signals on strength (upward retracements), to potentially target that 1860.00 level before the longer-term uptrend resumes.



This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.