Carter Worth discusses reference points for the S&P500:
S&P 1344 – The Feb. 18th high
S&P 1331 – Minor trend line since March 16th Tsunami-Gaddafi low.
S&P 1315 – Major trend line in effect since lows of late August 2010
S&P 1312.70 – April 19, 20 gap
1295-1300 – Smoothing Mechanism (150-day Moving Average)
Carter Worth is Managing Director and Chief Market Technician for Oppenheimer Asset Management Inc. His work is based on the principles of “collective wisdom” and behavioral science, with a particular emphasis on trend recognition, capital flows, and price action.