SP500 and 200-dma.  (C) 2010 www.tigersoft.com
Support failures seem more important than 65-dma breaks.
The 200-dma sometimes holds up for a while and sometimes
then becomes resistance.  More often its break coincides with
a support-failure.

    1987  SP-500, Break and Plunge
 SP-1987.GIF (17056 bytes)                 
    1990 Break, Hesitation and Plunge           SP-1990.GIF (16597 bytes)
      1998 Break and 2 more days down.
SP-1998.GIF (21080 bytes)                   
   2000  Multiple tests and 200-day ma acted as support
SP-2000.GIF (20102 bytes)                       
        2001 Broken and falling 200-dma becomes resistance before bear mkt resumes.                     
SP-2001.GIF (16911 bytes)
       2002  6 month support-line failure brings plunge.            SP-2002.GIF (16779 bytes)
    2008    6 month support-line failure brings plunge.    
SP-2008.GIF (15285 bytes)
  2010 200-dma first acts as support.  It fails.  It then becomes resistance.
SP-2010.GIF (15999 bytes)      
    2011 200-dma first acts as support.  It fails.   It then becomes resistance.

SP-2011.GIF (18764 bytes)
     2016  Broken (green) support breaks are much more important than 200-dma.
SP-2016.GIF (18738 bytes)
2018   Broken 200-dma brings decline to support.  Breaking of this support at 2550 brings a 10% decline.
SP2018.GIF (17922 bytes)
SP2018.GIF (17942 bytes)