After breaking down through near-term trend line support, the S&P 500 backtested the trend line, failed, and moved lower. The setup calls for lower prices, but with a Ben Bernanke speech on the helm in Jackson Hole, anything can happen.
If the market wants lower, then keep a watchful eye on support 1 around 1390ish and support 2 around 1375. One thing is for sure, tomorrow should bring some trading volume. Trade safe.
More charts found here.
S&P 500 chart as of August 30, 2012.  S&P 500 hourly bar chart with technical support levels and summer rally channel.  S&P 500 technical analysis.Â
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