I’ve been following this long-term resistance level marked by the downtrend connecting the 2007 market highs and 2010 April Highs. We tested this level early this morning after the market responded favorably (initially) to the GDP and Jobs report. Since then we’ve seen a lot of selling come swooping into the markets that’s pushing prices to their session lows. Definitely worth keeping an eye on. 

Here is the S&P Chart Analysis