$SPY is also near the inflection point in a symmetrical triangle from the 2007 high and 2009 low, meaning directional judgment day for the market is near! Keep an eye on those moving averages (50day-blue, 200day-red). They are both acting as support levels, but, imo, a bloody red day would violate both of them. I recommend you also watch the weekly and monthly moving averages (recent posts w/charts: 9/14/2010, 9/8/2010, 9/2/2010). I'm embedding Prechter Tech Ticker videos next. From what I remember, he believes the head and shoulders pattern is valid. The next few days, or weeks, will be critical for SPY as it trades closer to that apex point in the symmetrical triangle. Thoughts?
SPY (SPDRs S&P 500 ETF) - Courtesy of FreeStockCharts.com (click for larger view)