SP500- 3850-3800 zone holds the key

As I explained before, I don't think has turned bullish and the 4200 zone should offer great resistance.
Indeed, from that zone, the index has started to drop, and although we have had a mini up trend in the past 2 weeks or so, the rise is anemic and clearly corrective.
Yesterday's strong bearish engulfing could announce a new local top and lower high in place and we can assist a new leg down in the next weeks.
A key level for bulls is the 3800-3850 zone and if they are unable to hold that level, a new test of 3500 is very probable.