SP 500 which has top 500 companies on it indices (added/deleted based on their performances of the companies in the current market conditions) is right at the crucial point hovering right at the previous support after having water fall in shaded area which crashed all the way to 666(number of the beast :Mega Banks).
Breaking the previous support which is now the resistance will definitely tells us that fed is in the process of another round of easing i.e QE3 which will factor in market on or before june 2011 as QE2 is ending, And this is what will happen in the markets as fed is opting for QE to infinity.
If it breaks this current support levels then fed is likely ending the QE so he might tightened the money supply that will have direct impact on rates hike. So buckle up guyz we are headed for economic turbulence either way but elite would prefer to have inflation rather than deflation.
Longer Term Chart for your reference and will post another chart in my next post why 666 was good support during the financial crisis was 50% of the correction of the entire channel 1933-2008.Good luck for your traders guyz.
