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Sunday, August 8, 2010
I put together a new chart of the SPX with all of the Support and Resistance levels from previous important highs and lows, with a few of my favorite indicators.
Volume is really dropping off as this rally progresses, and there are signs that the momentum is weakening as well as the 5/35 histo-gram is in a down trend, once it gets to that "zero" line, a trend change is very likely.
The SPX does have support from the 20 day MA (blue dotted line) and is in the top half of the Keltner channel, with its resistance now up at 1154.06. With support if the SPX can break below the 20 day, down at 1053.08.