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The chart above shows the S&P 500 ETF (SPY) with user-defined boxes (1-point per box). Working from left to right, the ETF broke the Bullish Support Line (blue) with a long O-Column in August 2011. Once broken, a 45-degree Bearish Resistance Line (red) was drawn extending down from the high before the break. This line remains valid until broken, which was until October 2011. Once broken, a 45-degree Bullish Support Line was drawn from the prior low. This line currently marks support at 133. You can read more on P&F charts in our ChartSchool articles.