A Technical Look on the Market
S&P Daily Chart: Despite the crazy selling we've seen the last two weeks, the bulls managed stay on top of support (1330-1340). A break of this support may lead us to test the 50MA and longer term trend line support. If that happens, the summer bears will rally, even though for me it's still early for that to happen from a short term trading point of view.
Here's the Daily S&P Chart Analysis.
Intraday Chart: This chart can put the S&P intraday's craziness into a little more perspective. Our intraday action has been trading in the range of support (1330-1340) to resistance (1355-1360) There's still no certainty which direction the S&P will take for now, as we have room for both the downside and upside. My sentiment is that this market still has more upside to it even if it will have to test the longer term trend line. If this market was to crash, it probably has already done so, the bears don't have mercy when it comes to sell-off. Recent choppy action indicates bulls are still in play, and we are still in a pullback.
Here's the 30min S&P Chart Analysis.