Sorry, I screwed up in my post above re trendline drawing. In the statement: " You will note that I have drawn my line from the lowest low through the lowest high that precedes a high without passing through any tails or bars in between." The italicized words should be instead "highest low".
Here is the SPX weekly trendline as we start a new week (small green candle). Last weeks break of the trendline was clear and decisive. The 20 week ma is acting as support so far at least. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2625944>
We have a new trendline now as the S&P made a new high. Note on the accompanying chart that today's trading took us to the back side of the old trendline and that is virtually where the market is as of the close today, Wednesday 11, Nov. Every bit of selling today was met with what seemed to be programed buying. The market was simply not allowed to fall. Though one would normally look for a pullback from here, today's sellers could not keep the market down. If we can penetrate through the old trendline and close above it by weeks end that will indicate that there is still plenty of spunk in this market. We are still at resistance however. The dollar will likely continue to dictate market moves. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=2636689>