We have some major resistance ahead of us in this market.  We need a very powerful move up to get through this.  Tonight, I will show longer term charts of the DJIA and the S&P500.

The DJIA is coming up to a long term down trend line.  I must point out that this trend line goes all the way back to late 2007.  The longer the trend line the more significant the break.

The S&P500 has a very similar chart to the DJIA.  This index is coming up on a very long term descending trend line as well. 

I would also like to point out that these levels (~10,340 on the DJIA and ~1,120) are the 50% Fibonacci retracement levels as well.  I went into these levels in some detail in a prior post in August here.

Happy hunting!