SPX Gap Down and Trendline Break

SPX has gapped down this morning on virus fears and is now trading under the Kijun-sen line as well as the main uptrend line that has been propping up price during this recent rally to new all-time highs. The PPO is in a bearish cross, but remains above the 0 level which means any pullback can be viewed as bullish until that center line is violated. The RSI indicator is leaning bearish with a dip out of "overbought" territory above 70 and now crossing below the 50 level. Overall, the short-term trend is bearish until price rises back above the Kijun-sen and the uptrend line; the intermediate and long-term trends remain bullish. Thinking the likely move going forward here is a bounce back up to fill the gap sometime this week, if not then a test of the Ichimoku leading cloud may be in play.