Update - The S&P 500's Daily Chart - Old Resistance Did NOT Become a Level of Support...

Hello Traders...Here is Thursday's $SPX daily chart...

http://stockmarketchartanalyst.blogspot.com/

As I mentioned yesterday, the big question I had was since the $SPX finally broke above an old level of resistance recently, would it pull back and bounce up off the old resistance level and make it a level of support, which is quite common...

Today's action showed that did not happen, and is a fairly bearish development...



And since the index closed very close to the low of the day as this five-minute chart shows, that is also somewhat bearish...



Tomorrow's big economic reports will be Durable Goods Orders an hour before the opening bell, and New Home Sales at 10am ET...Plus, two Fed Presidents speak in the afternoon...

Happy Trading on Friday!...
zigzagman