Critical Pivot Point in S&P 500 Reached Today

After the Fed statement two days ago, the S&P 500 has recovered to the middle of its longer-term up-channel just above 2100 at 11.53 AM EST today, as shown on the chart below:

SPX_20150320

This is a critical pivot point. A move towards the upper-trendline of the channel near 2,150 will depend on whether the 2,100 level becomes support. This will be probably decided next week.

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