S&P 500 retraces

By Colin Twiggs
September 11th, 2012 3:00 a.m. ET (5:00 p.m. AET)

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The S&P 500 is retracing to test its new support level after breaking resistance at 1420. Respect would signal an advance to 1570*, while failure of support at 1400 would indicate a bull trap. Bearish divergence on 21-day Twiggs Money Flow continues to flag medium-term selling pressure. Breach of the lower trend channel — and support at 1400 — would warn of another test of primary support at 1300.

S&P 500

* Target calculation: 1420 + ( 1420 - 1270 ) = 1570

Baseball is ninety percent mental.
The other half is physical.

~ Yogi Berra