The S&P 500 is once again testing the support level, which is the bottom of the current trading range. The lower green line (support) is at 1120 and that represents where the index closed on 8/8/11. A close below 1120 would be a negative technical signal for the near-term movement of the index.As always, you must wait for close for confirmation. The index broke down below the line in the past, only to rally the next few days. Today's action in the next 5 hours will be crucial for the remainder of the week's action.
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