Saturday, March 08, 2008

$SPX Update for 03.08.2008

S&P 500 INDEX - $SPX

Monthly chart shows increasing selling pressure. No buy pattern/signal evident on this timeframe. First downside target of interest is the .618 fib level of 1079ish.

Weekly chart shows no buy signal/pattern at this time. Look for the current low to be tested and be broken.

Daily chart shows the consolidation/trading range the index has been stuck in since the January 22nd low was made. Look for a lower low to be made, before the possibility of a larger bounce. A lower low, perhaps to the 1.27 fib area of 1237ish, would complete 5 waves down.

No comments: