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S&P Testing Support

|Includes:SDS, SPXU, SPDR S&P 500 Trust ETF (SPY), SSO

Friday's continuation of the recent sell-off has brought the S&P (NYSEARCA:SPY) back to a frequently tested supporting trend line. A significant break here over the next two weeks would be telling in its bearishness, imho.

Here is the short-term look.

(click to enlarge)Click to enlarge

Here is the bearish rising wedge that has been building since the 2009 bottom.

(click to enlarge)Click to enlarge

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: SPY, SDS, SSO, SPXU