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The S&P 500 has broken key support, confirming a shift into a downtrend. Dave Keller outlines the next downside targets and the indicators to watch for a potential bounce or continued weakness. Follow along as Dave breaks down the recent S&P 500 decline. The index has decisively fallen below key support levels, including the 200-day moving average, confirming a shift into a bearish trend phase. He explains how momentum has transitioned from neutral to bearish, using RSI behavior and trend models to assess the strength of the downtrend. Dave then maps out potential downside targets using Fibonacci retracements, highlighting a key support zone around 6150–6200. He also reviews volume and breadth indicators, including Chaikin Money Flow, the McClellan Oscillator, percent of stocks above the 50-day moving average, and the Nasdaq 100 bullish percent index, to identify conditions that could signal a short-term bounce within a broader distribution phase. LINKS Dave's chart of Nasdaq 100 Bullish Percent Index: https://schrts.co/qbBpbDbB Dave's daily market recap show: http://marketmisbehavior.com/chartthis 00:00 - Welcome 01:54 - Key Levels: Bullish vs Bearish Framework 04:03 - March Selloff & Breakdown Below Support 07:07 - Momentum Turns Bearish 09:09 - Market Trend Model & Portfolio Strategy 12:00 - Establishing Downside Targets 15:27 - Oversold Conditions & Bounce Setup 18:24 - Volume Turns Negative (Chaikin Money Flow) 20:08 - Breadth Indicator: McClellan Oscillator 20:46 - Breadth Indicator: % of Stocks Above 50-Day MA 21:32 - Nasdaq 100 Bullish Percent Index 22:35 - Identifying Short-Term Bounce Signals 👀 See what better financial charting can do for you! https://stockcharts.com/?utm_source=YouTube&utm_medium=Organicvideo&utm_campaign=DavidKeller&utm_content=033026 👍🏻 If you enjoyed this video be sure to hit the THUMBS UP ✅ If you found value, consider SUBSCRIBING to our channel and ring the bell so you never miss a new video! Subscribe Here: https://tinyurl.com/wvet7qj 👍🏻 FOLLOW US X - @StockCharts - https://x.com/stockcharts Facebook - https://www.facebook.com/stockchartsdotcom LinkedIn - https://www.linkedin.com/company/stockcharts.com-inc. #davidkeller #stockcharts #davekeller @StockChartsTV @DKellerCMT ❗️DISCLAIMER Past performance is not indicative of future results. Neither the Show Participants nor StockCharts.com guarantee any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment discussed on the show. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this show may not be suitable for you and you should make your own independent decision regarding them. This material does not take into account your particular investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. You should strongly consider seeking advice from your own investment advisor ––––– ℹ️ ABOUT STOCKCHARTS StockCharts.com is the world's leading technical analysis and financial charting platform. Trusted by millions of online investors around the world, the company has been an industry leader in the financial technology space for more than two decades. With innovative, award-winning charting and analysis tools, our mission is to help you better analyze the markets, monitor and manage your portfolios, find promising new stocks and funds to buy, and ultimately make smarter investment decisions. ℹ️ ABOUT STOCKCHARTS TV StockCharts TV is devoted exclusively to financial charting and market analysis from the web's top technical experts. With a constant stream of technical charting-focused content, there's always something insightful, educational and entertaining to watch on the channel.