The S&P500 index originally generated a technical sell signal at 2050 on 3/12/15. The index technical outlook turned negative at that point. A secondary technical sell signal was generated at 1990 on 6/1/16. The subsequent decline resulted in the nominated downside technical target located at 1920 being reached / exceeded, which was the minimum expectation for a pullback. Major support is now located at 1867. A close below 1867, if it occurred, would signal the next major downward move. Major subsequent support in that scenario would be located at 1770, the technical support barrier that has underpinned the index since 2009. Accordingly, the 1867 level is currently the key technical level to watch.