SPX Daily Chart - 15 March 2011

     The cash SP500 dropped sharply yesterday morning; finding itself below our cluster (#3, 4) of support targets. At least for yesterday this was far enough, and we rallied higher into the close.
     Was TDST support (1286.12) broken? I can't say that yet, as the close below that level must now be confirmed. If we were to open higher and then not make a new low on Wednesday then the support level will be deemed to have held. If this turns out to be the case we may be looking at a 'V' type bottom - at least in the short term.
     Bottom Line: Let's watch to see if TDST support can hold. The daily chart remains bearish with the Timeframe Mix at a +50% reading.