I am not sure what the significance of this 1090 level is other than it's where the market has topped out intraday 3 of the previous 4 sessions. S&P 1094 holds a bit more significance to me, but 1102 is the great line in the sand.
Higher up the chart we can see the 50 day moving average is falling by the day, it is now down to 1142 and the slope has turned from positive to negative for the first time a while (actually other than a few days in Feb 2010, the slope of the 50 day has been upward or flat since mid March 09). It is hard to be truly bullish until the S&P 500 jumps back over that level AND the slope flattens and then turns more upward. But I suppose all that will take is 3-4 more nice premarket moves, a few global backstops, a QE announcement by the ECB and presto magic. All problems kicked to 2012.
Again let me reiterate, "V" shaped bounces just are not typical but in the back of every bear's mind is how atypical the rally from March 2009 has been and how their use of technical analysis to short at key resistance levels has blown up in their face repeatedly as central banks wage war on fiat currency. Let us see how quickly things turn from fear to greed.
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