SPX closed at 7354.03, sitting near 50 SMA after rejecting from 7460 area. This week's low at 7294 is the next defined level. Break under 7294 opens downside to 7237 and prior support zone. Below shorter-term MAs and 50D, sellers in control. Watch for 7300 loss plus trendline from lows for downside trade. Buyers need back above 7400-7424 for upside. Short holiday week with early close Thursday and closed Friday.