Right On The Line: SP500 Levels, Refreshed...

04/08/09 03:21PM EDT

The Shark Line (great white line in the chart below at the SPX 821) is the line that continues to matter most to my model.

The intraday moves we have seen above and below that line today speak to The New Reality of it all. If we Break the Buck, probability plays to the favor of the bulls. If we let the USD strengthen, the SP500 will weaken further.

Downside support is 783 (dotted green line) and upside resistance is 851 (dotted red line). Trade this very trade-able range.

KM

Keith R. McCullough
Chief Executive Officer

Right On The Line: SP500 Levels, Refreshed... - chaaaat

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