Trader Update -data point 7 May 2012-

...after breaking the *1394 support, the SPX 500 market continued lower - now heading towards the fortified *1363/10 April 2012 Low *1357.38 support as the next logical target in the vicinity. A Break below the 10 April 2012 Low *1357.38 on a Close basis would set the index up for a 6 March 2012 Low *1340.03 challenge with potential to reach lower into the *1320 support 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 = in the longer term frame, the bulls continue to drive this market into new Highs.

Kind Regards