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04-14-14 SPX Daily Headline Chart

April 11, 2014: Sellers smell blood in the water as Buyers are unable to defend important support levels.

04-14-14 SPX Daily Headline Chart

Sellers are relentless as the cascade lower continues. Multiple layers of critical support have been violated with Monthly Implied Volatility Band support a likely target for an inevitable oversold reflex rebound. The quality of the next retrace of the sell-off will determine the direction of the next durable short/intermediate term trend. Looking over the horizon, if Buyers are unable to make a stand, the 200 Day Moving Average is the next level of identifiable support as a defined correction is established.

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