A quick note of revision on the SPX chart below: I added a new bearish channel based on validation points and correlation with secondary indicators.
Of note: 1 - TNA (SPX's Small Cap ETF) marks a double-top at current value (here, expressed in relative strength with SPX; 2 - ERX (SPX's Energy ETF) is nearing its resistance line overhead (orange dashed line) 3 - FAS (SPX's Financials ETF) is striving to remain over support level (based on prior resistance and break-through) 4 - BGU (SPX's Large Caps ETF) is testing prior support level (from last week of DEC 2009)
OVERALL - SPX and its constituent ETF are at or near pivotal areas. If these areas get violated, a new trend should emerge, which could easily be considered a renewed bullish momentum. However, if these points are not violated, this should reinforce the recent bearish sentiments of a continued downtrend, IMHO:
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