Option Investor
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I've got more trend lines on my short-term charts than Carter has pills. When it gets this way (due to all the choppy go-nowhere price action) I just take a step back and watch the bigger picture. It's somewhat senseless to try to trade this until it clears up. The daily SPX chart shows resistance at the top of its parallel down-channel for price action since the November low and support by a small parallel up-channel for price action since the March 30th low, currently near 843 or just below this morning's low. A break above 876 would confirm a break above the April 17th high and the down-channel and a break below 843 would confirm a high is in for now. There's just a lot of chop in between. We need to let price point the way towards the next move out of here.

SPX daily chart:
[Image 1]

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