S&P 500 Technical Status

The S&P 500 managed to get through 1200 on a short-term basis and then turned down. The 1200 is now resistance. The next level of support is 1050, with major support at 1,000. The market is currently oversold and could have a bounce, depending on developing Eurozone problems. Regardless further weakness is expected over the next few months. Investors should be very cautious if the market does break through the 1,000 level on strong volume.

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