Chartology: S&P 500 Technical Update

Stock ChartsThe S&P 500 is technically damaged near term. Although a rally is nearing, it will likely be a “backtest” of the broken trend line unless something more serious develops to the upside to repair the damage.

Next likely target lower is 1307-1320 support zone that may elicit rally. Notice the dropping MACD line, which likely portends lower prices. For now, bulls will try to hold 50 day MA.

S&P 500 stock market chart, S&P 500 chart, S&P 500

S&P 500 stock market chart with technical analysis overlay as of July 24, 2012.  Price support and resistance levels and stock market analysis. S&P 500 breakdown with lower price targets.

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

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.