SPI Monthly and Weeklylast month rejection of the 3-month 50% level will often drive down into the following monthly lows in the new Quarter, which is the July lows.
There is a 3-week low breakout from last week @ 4278 that should extend down into next week lows.
July's lows are seen as support, but it will need to be verified with a breakout of the 5-day highs. or matching support with US markets reaching their Yearly 50% levels (read US Index reports)
This is important because often 3rd Quarter lows don't hold during bear markets and we are also trading below the Yearly 50% level @ 4296.
Therefore anything below the July lows is seen as an extension down into the Yearly lows around 3400 and a quick bounce back upwards.
If July's lows hold support, then I'm expecting a swing back towards the 3-month 50% levels, but as mentioned previously, the most likely pattern would be then an entire Quarter that consolidates in a sideways pattern until the last month of the Quarter.
