S&P 500 close 12/14

Not a good day for the markets. We finished near the lows of the day at 1413. We are near a couple of important technical levels now. First we are very near the convergence zone of 1400-1410. If we move back just a little we should retest 1400. Second we are now touching the weekly trend line, albeit still on the upside of it. Third, the sideways moves reinforces the weekly head and shoulders pattern that may be trying to form. On a more positive note, we are now back in the "value zone" of two moving averages that help track trends. If we can bounce from here even just a little it may give us the momentum to move more positively. However, pushing south of them and things do not look so good. Technical indicators have the short term weakening and long term although still improving, they are slowing down.