Charts telling an ugly story

The technicals have been signaling a downturn in stocks for some time, with several confirmations of break-downs recently.  If we believe the charts (and I do), we could see the S&P 500 fall to 1,140, or perhaps even 1,040 in the short-term.  I think we will have a bounce before that, but ultimately, at least according to the chart, we should see lower levels.  However, I am comfortable with the purchases I made at the end of last week (Thursday and Friday) - I bought high-quality companies with encouraging fundamentals.  While I want to get the lowest prices possible, I have found over my 20+ years in the business that you can never get the absolute low, and if you do, it's blind luck.  I have seen too many times where the charts are saying that the market should go one way and it does the opposite.  Here is the chart for the S&P 500 (from Investorplace.ocm):