Saturday, February 02, 2008

$SPX Update for 02.02.2008

S&P 500 INDEX - $SPX

Monthly chart shows January ended with early buying off the support of the .382 fib level of the whole move up from 2002. No buy signal/pattern evident on this timeframe. Will need to drill down in timeframe to see a shorter term trend.

Weekly chart shows the bulls had enough strength to take the index back over the prior key LIS and support of 1371 area. On this timeframe, the index remains below the 8ema. As with the $INDU, the $SPX shows major resistance above.

Daily chart better shows the resistance areas immediately above. This coming week should be interesting, to see whether we will get a retracement off this upper resistance area.

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