S&P 500 – Charting the Key Area of Support (Make or Break)

May 4, 2012 11:48 am

There is clear support across a high volume node from the most recent swing at 1,368.72. That is a point that provides for a “bounce” if it approaches. Now that the index is once again below the 50 DMA, there are additional considerations, but the more important area is defined.

Crossing below that will bring 1,340 and then 1,335 into play as there is nothing much holding the level from a volume and trading standpoint. A flush down to the 1,368.72 level would be consistent with the pattern that we are seeing and a chance to look for buyers to step into defend.

 

 

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