Breaking 1040 Support?

After the SP500 broke below 1060 and came near to breaking 1040 level, the market put in a strong rally today and held it through the close. With many talking heads and market participants anticipating the SP500 to break the 1040 support level, the market will do what it always does, defies the majority. Therefore, the market will likely continue its upward move to the 1100 while the masses wait for another test of the 1040 level.

Here is a 30 minutes intraday chart of the SP500 showing a double bottom pattern near 1040 formed couple days ago:



Here is a daily price chart of the SP500: