Code of Conduct - Tuesday, page-22

SPX: The trendline from the Mar-09 low has held quite well up till now.

There was a major penetration back in Oct but recovery was quick and since then the SPX has not closed below the line.

However, the minor penetration in early May, may have been a warning that the trend is nearing an end and a new parallel channel might now be in play. If so, support might be found around 2070.