BAML: These are the new support and resistance levels

The end of the QE Infinity Rally that began on Thanksgiving is now officially over.

Stephen Suttmeier (BofA Merrill’s technician) weighs in on the S&P’s broken uptrend and lays out some important support and resistance levels to be aware of in the short- to intermediate-term…

The bulls made a stand early last week, but the S&P 500 failed to sustain the midweek break above 1646-1650 resistance and quickly reversed to break support at 1600-1597 on a high-volume 90% down day. The S&P 500 pattern has weakened, with risk to support at the March and April lows at 1540-1536 and the rising 200-day MA near 1306.

First resistance moves down to 1600-1618, with the recent highs at 1650-1687 additional resistance.

Chart

Source:

Stephen Suttmeier & Jue Xiong
The bulls tried & failed; S&P 500 breaks uptrend supports, June 24, 2013
Bank of America

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