Don't Ignore This Chart!

S&P 500 Bounces off Bullish Support Line on P&F Chart

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With a big surge above 1350 today, the S&P 500 reversed its falling O-Column and started a rising X-Column on the P&F chart. This reversal creates support from the prior two O-Columns and the rising Bullish Support Line (blue). A move below 1320 would break these supports and turn this chart bearish.

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.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. Learn More
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