SPX Analysis for 6/8/2010

The S&P traded in a range between 1040 and 1058 ending the day at 1062 up 12 points.
Support at 1040 was sustained and defended by the buyers but it's also interesting to see that the index is trading at a level 5% below it's 200 day moving average and the last time that the S&P broke this level of support was in January of 2008
Another observation is that the 200 day moving average trend line started to decline which is a bearish sign.
Support still is at 1040 and resistance at 1100 where the declining 20 and 200 day moving averages meet.