I totally and completely agree - thanks for adding to my chart. S&P has an obvious double top, trend is obviously down! Bias should remain to the downside as there is no reason, at least for longer term traders, to even considering long positions. Every time a trend line or a s/r line fails, expect price to come back to test the broken line. Below is a 15 minute chart of the mini S&P futures. We broke the Jan / March lows with conviction (high volume) and have since failed at least 5 attempts to break back up thru it. Friday seemed like the market was pissed at the last attempt and slapped it back down hard! 1255.00 area is the latest major resistance!
Check it on an yearly chart. Its going to take out the 2002 lows. Looks like it will take a couple of years to do though. http://bigcharts.marketwatch.com/advchart/frames/frames.asp?symb=spy&time=13&freq=2