SPX Weekly Chart - 25 Mar 2011

     After registering a countdown 13 bar the cash SP500 fell for a month but bounced over the past week. This bounce has kept price in contact with the short (red) moving average.
     The question now is whether we go on to make a new high or if we resume the trip down to the next target: TDST support at about the 1220 level. Note that the medium (blue) moving average is at that level now.
     Bottom Line: The weekly chart is now in a bearish position. Will it stay that way? Why not let the market answer that question itself. It will take a confirmed break of the risk level of 1363.53 to return this chart to a bullish position.