SPX Weekly Chart - 18 Mar 2011

     There is not much new to report at this time frame. After registering a countdown 13 bar the cash SP500 has fallen for a month.
     It appears that the next target on this chart is TDST support at about the 1220 level. Note that the medium (blue) moving average is moving towards that level 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 in a bearish position. It would take a confirmed break of the risk level of 1363.53 to return this chart to a bullish position.