|As a result of the proposed $700 billion US government bailout, the S&P 500 has generally rallied over the past week (up 4.5%). However, the S&P 500 still trades down over 22% from its October 2007 highs. For some perspective on the latest stock market action, today's chart presents the current trend of the S&P 500. For all the volatility of the past year, the S&P 500 has traded within the confines of a downward sloping trend channel. As today's chart illustrates, the proposed government bailout came just in time to help the S&P 500 trade up from support (green line) -- though the longer-term trend remains in effect until proven otherwise.Notes:
- Where's the market headed? The answer may surprise you. Find out right now with the exclusive & Barron's recommended charts of Chart of the Day Plus.
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Events of the DayOctober 06, 2008 - Supreme Court session begins
October 08, 2008 - Yom Kippur
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