SPX - decision time

SPX is right at the negative trend line and the 40 week moving average BofA writes: "A failure to reclaim the 40-week MA would keep secular bull market support at the rising 200-week MA at 3632 exposed to downside riska long with the June and October lows at 3636 and 3491, respectively". Second chart shows the 1980s vs 2022 parallel. Note we tried the negative trend line and the 40 week moving 3 times, until we broke higher on the fourth time. Third chart shows the set up should we follow the 1980s set up.