Bears are knocking on the door however bulls nonetheless maintain the important thing to this inventory market

The inventory market, as measured by the S&P 500 Index SPX, has continued to stay within the downtrend that began close to the 4600 stage in late July. The decline has now reached the 4400 stage, and that’s good news in that it fills quite a lot of gaps on the SPX chart — gaps which had been created in late June and early July.

There is potential help close to 4400. But the main help ranges are at 4330 and 4200, each of that are marked by blue horizontal traces on the accompanying chart of SPX. A failure of the help at 4330 would…