S&P 500 29/10/2009 - update

Previous update for SPX is here.
As per the earlier post, after reaching the target of 1100 exactly S&P retraced. Yesterday it closed right on the trendline. We might get a pullback from here as the market has sold off almost 60 points without any correction. But please do note that we have broken the long term uptrend line (Red trend line) which was held since March 2009. If we go back above that trendline very soon, it could be considered as a fake breakdown. Breakdown below the purple line could be bearish continuation.