The chart is agreeable to a couple of outcomes, either a continued bounce off the 1608 support as occurred today (LOD 1608.07), or, a failure through 1608 which will indicate that the test of 1597-1600 is required to settle this bull-bear fight once and for all. The most important thing on this chart is the 8/34 cross. Bears are cruising as long as the 8 stays under the 34 while the bulls are trying to reverse the negativity. If the SPX stays under 1616, the 8 MA will continue lower. If price moves above 1616, the 8 MA will curl up and provide hope for bulls. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
Note Added 7:35 AM on 6/13/13: The bulls drive the markets higher with a weaker yen (higher dollar/yen) during the day as well as a WSJ article that alluded to further Fed pumping. The 8 Moves above the 34 signaling the bulls back in charge for the hours ahead.