Battle lines drawn at major support on the S&P 500

With the U.S. markets' recent downdraft, bull/bear battle lines are being drawn at major support. The latest chart for the S&P 500 suggests the uptrend is at least losing momentum, if a new downtrend hasn't already been signaled. But by the same token, considerable support remains in place to keep the benchmark buoyed. Specifically, significant support still holds at the 1,020 for the S&P.