S&P500 breaks out of triangle November 17th 2011

Will the move be confirmed?  That is the question but a clear breakdown in the S&P 500 occurred today.

Trade with caution, Europe is by far from solved.  The US "supercommittee" has failed until now to agree on a solution.  China has stood its ground on many issues, demonstrating a shift of power to the east.  Japan is continuing to print to keep the Yen from appreciating.     

The purple line is where I see as a huge level.

See   Long term forecast For an explanation of the significance

S&P500 In a Triangle - Options Expiration Week - Beware of Volitility

S&P500 Hourly Chart

With momentum (MACD) waning, watch for increase in volatility as the market works out of this triangle.  The move will be explosive either way.