Chartology: S&P 500 Technical Update

Stock ChartsBy Andrew Nyquist
Last week, I pointed out the significance of another failed backtest of the broken up trend line.  This is now playing out.

Questions remain: Will this mornings double bottom lows hold?  Or will the market eventually push lower toward 1330-1340?  “Feels” weak, but the Fed is lurking. Trade safe, and remember that overnight risk cuts both ways. Size appropriately.

S&P 500 annotated daily stock chart with technical analysis overlay as of intraday April 23, 2012.  Price support and resistance Levels.  Backtest. Price targets. SPX

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No position in any of the securities mentioned at the time of publication.

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