$SPX Analysis for 11.10.2007

S & P 500 INDEX - $SPX

Monthly chart shows a potential double top. Uptrend line remains intact for time being.

Weekly chart shows increasing selling pressure the last week. No buy signal in sight.

Daily chart shows index below the 200sma. Friday's selling found support off the .618 fib level of the last move up. However, no evidence of strong buying at this level, as they closed the trading day near its lows. No buy signal in sight. Look for continued weakness next week, and a downside target of the 1415ish on the index.