Daily Chart II
The S & P 500 experienced a wide ranging day resisting exactly at the green trendline which is the downtrendline from october 2007 highs. After a strong advance, a wide-ranging day with a weak close signals a downside reversal. The close is also below the uptrendline from the lows of 1040. The recent action which formed an ascending triangle, has now taken shape of a rising wedge which is also a bearish formation.
The support from the wedge is at 1138.65 and resistance at 1158.80.
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