S&P 500 INDEX - $SPX
Monthly chart shows price currently found support off both the 50sma and the .382 fib area of the whole move up from the October 2002 low. No buy signal as of yet on this timeframe.
Weekly chart shows resistance off the key LIS of 1370.60 area, where "old support becomes new resistance. Weekly candle pattern shows indecision between the bulls and the bears. No buy pattern/signal as of yet on this timeframe.
Daily chart shows Friday's price action to be a bearish engulfing candle. While eager buyers gapped up prices at the open and tried to take it higher, they were soon overcome with sellers, who took the index down to close below Thursday's whole trading range. Look for consolidation next week or so. Current resistance happens to be at the .382 fib level of the last leg down from mid-December 2007. IF price action traces a consolidation/trading range, THEN look for the next leg to be lower. Based on Friday's price action, look for a test of the current low next week.
Saturday, January 26, 2008
$SPX Update for 01.26.2008
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