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S&P 500 daily 04/10/13

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Despite the markets' current bearishness and the concern over the US budget and debt ceiling, I think the S&P is worth a long at this uptrend support with stops below it.

This support comes from the Nov 2012 low and has played an important role since then, coming into play on at least 4 previous occasions. IMHO this is the support for Primary wave 3 so if this wave is to continue it will need to hold; if it fails then it will likely mean that Primary 3 is over and we're into Primary 4 which should be a long, volatile and unpredictable sideways drop.

The level in play here is 1664 so that's where I'll have an order with stops below 1660
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