SPX Weekly Chart - 11 Mar 2011

     By closing below 1329.15 (horizontal purple line) the weekly chart is now bearish after completing a sequential 13 and a possible five wave impulse pattern from the July low.
     On Friday the market bounced from the short (red) moving average. If that support can't hold then the next target on this chart is TDST support at about the 1220 level. Note that the medium (blue) moving average is headed there now. Whether coincidence or not, the fact that this level is at the April 2010 high is interesting as an example of prior resistance becoming possible support.
     Bottom Line: The weekly chart is now in a bearish position. It would take a confirmed break of the risk level at 1363.53 to return this chart to a bullish condition.