Don't Ignore This Chart!

S&P 500 Breaks Bullish Support Line On P&F Chart

With a move below 1570, the S&P 500 broke the blue Bullish Support Line and a new Bearish Resistance Line has been drawn (red). Looking at price action, there is a lot of support in the 1535-1540 area and this is the next target. Notice the three O-Columns that mark lows here in March and April.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at 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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