Option Investor
Update
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For SPX two equal legs down from Thursday's high is near 823. If this morning's pullback is merely a correction to the rally leg from last Monday then we should see that level hold as support. If 823 gives way the next price projection is near 811 which would have it testing the uptrend line from March 9th through the March 30th low. SPX 810 is the key level for the bulls to hold because a break of it would indicate the likelihood of a deeper pullback in progress (down to 760). The larger price pattern remains bullish until 810 is broken.

SPX 60-min chart:
[Image 1]

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