Friday, December 14, 2007

$SPX Update for 12.15.2007

$SPX - S & P 500 Index

Monthly chart shows weak price action for the month thus far. Look for break of trendline in place to confirm change of trend.

Weekly chart shows increasing selling pressure as it ended on its lows for the week. Lower high made.

Daily chart shows increased selling pressure on Friday. Index now below all key moving averages. Look for continuation of downtrend next week. Next downside target is 1452ish and then 1431.50ish.

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