S&P 500 ~ Intraday Update 2 ~ 3 August 2011

The March lows are breached! Down 80 handles within two days! Feels a bit like 2008, doesn't it? : )

Below is a weekly chart of the SPX and as you can see the red line (MA 76, currently at 1213) has been support during the 03-07 and 09-present bull market and resistance during the 07-09 bear market.

So if we're still in a bull market this level has to hold (on a weekly basis). If the market declines below it a new bear market might be underway.