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Market Insight: S&P 500 Breaks October 2011 Trendline
Keeping an eye on Elliott waves -- and other technical indicators -- in action as the markets trade

By Vadim Pokhlebkin
Thu, 08 Nov 2012 19:15:00 ET
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On November 8, the DJIA, S&P 500 and NASDAQ 100 broke below a year-long trendline support.

Wrote Tom Prindaville, editor of EWI's U.S. Intraday Stocks Specialty Service, in a subscriber update posted right before noon on Thursday (chart labels erased for this article):
 
11/8/2012 11:34:26 AM ET - The October 2011 trendline has been penetrated, though the action involved does not look headed to a fire. The key here is that this line is being tested again, so the market knows it is important, and that may be why moving through it has turned into a struggle as opposed to a slice.
 
  

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