S&P500 Support And Resistance

Here are two charts that I have found interesting from a Technical Analysis perspective.  I believe they are helpful in understanding the current stock market situation.

I would like to reiterate my view that we are in a bear market rally, albeit subject to conditions I spoke of in my June 2 post.

Here is a weekly chart showing the S&P500 from 2007.  As one can see, this view seems to indicate that resistance has become support:

(click on chart for larger image)(chart courtesy of StockCharts.com)

Here is a chart from Doug Short’s website from a July 13 post.  It shows the S&P500 from 2008, indicating a rising channel:

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SPX at 1083.34 as this post is written