With Mideast turmoil chasing oil higher and stocks lower, it's a good time to check the charts and see what price levels seem to be key "lines in the sand." Some indicators have been warning for months that the steep rally was preparing to reverse.
The market has been up and down for the past few months, and right now, it's down: But is this the end of the summer rally, or just a standard retrace in an uptrend? Technically, a strong case can be made that it is the latter -- just a typical retrace in a longer bullish trend.
Rather than try to forecast whether corporate profits will exceed heightened expectations or disappoint in the second half, let's turn to a few basic technical charts for a (possibly) more objective view of where the U.S. market might be heading.