Trader Update -data point 23 April 2012-

...the SPX 500 market most likely heading for a second test into the current *1363/*1355 support area with high risk of dipping further into the fortified *1340/*1320 range

...again, in the absence of anyone to take to the chopping block, equity markets are merely consolidating for the next move higher above *1340 fortified support - a break below *1340 would weaken the bullish bias down to *1320  
...at this stage, the market is expected to hold in the *1320/*1340 support range

Kind Regards