The comments below were provided by Kevin Lane of Fusion IQ.
As seen in the chart below, the S&P 500 Index is still above support in the 1,150 to 1,130 zone (green solid and dotted line). It took quite a few attempts to get above the 1,150 level, so we would surmise that pullbacks should hold somewhere in that area. Only below the lower support level near 1,130 would the picture turn more negative.
Source: Kevin Lane, Fusion IQ, October 12, 2010.
