Friday, March 21, 2008

$SPX Update for 03.22.2008

S&P 500 INDEX - $SPX

Monthly chart shows index currently below both the 8ema and the 34ema. No buy signal/pattern evident on this timeframe.

Weekly chart shows early buyers stepping back into the market this past week. Possible 5 waves down into lower low this past week. Looks like a possible 5 waves down -- IF we have 5 waves down, THEN look for deeper retracement of the whole move.

Daily chart better shows the early buying this past week. However, the index still remains in a possible consolidation/trading range. The market needs to take out the prior high of 1396 area before it can go much higher.

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