As seen in the attached report the S&P 500 is still above a support zone in the 1,227 to 1,220 area. Yesterday the index traded down close to the aforementioned support near 1,227 and reversed. Lately the tape has seen absorbed some bad news and managed to buckle but not break, which is encouraging. With the index still above support and its uptrend line from the summer lows we have to give the bullish bias the benefit of the doubt here. Secondary support lies in the 1,199 area. Again as long as these levels are not violated one has to respect the current trend which remains up
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