Ugly chart i agree. Couple of takeaways that may (or may not)...

Ugly chart i agree.

Couple of takeaways that may (or may not) mean something.

Clearly there is a watch to see how the SP responds to that 2.55 low, hit way back in Nov'10.
Weekly traded volumes now are running at around 50% of what they were back then, so perhaps less panic this time?  Could be simple seller's exhaustion too, of course.

(weekly)


The daily shows the 50 EMA as a key TA pivot point, and if we look at how the SP has reacted around those resistance areas, we can see the outcomes were quite quick, and severe.

At the moment we are closer to the longer term low than the 50 EMA, so i guess that will be entertaining more interest in the short term.

Need a positive reaction to that key 2.55 number though, IMO.

(daily)