SPX-trio-110509 May 9, 2011 0509-SPX-threepack.html Sloppy and Choppy in the S&P 500 Sloppy and Choppy in the S&P 500
  
Sloppy and Choppy in the S&P 500
May 9, 2011  Analysis from Chris Kimble 

This morning master market technician Chris Kimble weighs in on the S&P 500 with a trio of charts.

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Chris comments: The chart 3-pack gives us various short-term and macro perspectives. On a short-term basis, 2 bearish wicks took place last week yet the 500 index did hold onto short-term support, drawn from the February highs.

From a macro/30,000 foot view, the 500 remains trapped between support lines dating back to the 2009 lows and resistance dating back as far as the 2000 highs and a channel dating back to the 1987 highs.

With such key support and resistance directly at hand, choppiness and sloppiness should be expected until a key breakout/breakdown take place.

For the most up-to-date Kimble analysis, check out Chris's blog: Kimble Charting Solutions.