Even though this is very short-term oriented, the 5 minute P&F chart for the S&P 500 shows a clear support level around 1270. The ETF bounced off this area at least five times today. A break below would argue for some sort of short-term pullback. Keep in mind that this chart only covers six trading days.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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