$SPX Update for 03.01.2008

S&P 500 COMPOSITE INDEX - $SPX

Monthly chart shows increasing selling pressure, as the index closed below the open of 2007. No buy signal/pattern evident on this timeframe. Look for continuation lower. Eventual minimum downside target is the .618 fib level of 1079.26.

Weekly chart shows index to be in consolidation for the month of February before the next leg down. No buy signal/pattern evident on this timeframe. Look for continued weakness.

Daily chart shows better shows the consolidation range the index has been stuck in for the month of February 2008. Look for continued weakness and a new low.