Sorry, but you dont understand chart theory if you think a...

Sorry, but you dont understand chart theory if you think a marginal gap from over a year ago is relevant. There has been consistent incremental gains since, the companies fundamentals have changed, so the gap is old news now. The supports and resistances since then are what is relevant. Each has to be worked through in turn, and considering the revenues SXY is making YOY, its ludicrous to think the SP will go to almost half of what it was 3 weeks ago.

The pros are trying to work this down through 395 support and making it dip to 380 to trigger stop losses and keep mopping up more cheap shares. Oldest trick in the book. The steeper the fall created by weak hands, the stronger the bounce. the current state of the market forma perfect environment to instill fear into punters who buy and sell on pure emotion.