S&P 500 INDEX - $SPX
Monthly chart shows up trendline in place is now broken, and index has quickly erased all the gains made in 2007. 
Weekly chart shows increased selling pressure last week, with index closing well below all key moving averages on this timeframe.
Daily chart shows short term support off a 1.27 fib level. Look for possible consolidation before next leg down. Next key downside target is 1220 area support in the weeks/months ahead.
Saturday, January 19, 2008
$SPX Update for 01.19.2008
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