Many markets are pushing the bearish envelope today (as of 2:20 p.m. EDT). For example, trendlines going as far back as the October lows are being tested or have already been broken. Markets can step outside of trendlines in a “head fake-like” manner for a day or two, only to rally again in a somewhat surprising manner. That is not a prediction, but something to watch on Friday and Monday. A push by the S&P 500 toward 1425ish remains quite possible as long as we hold above 1391. A break of 1,391 would open the door to 1,380. Some technical deterioration has occurred, but nothing too drastic yet. We should know more by the end of Monday’s session.