Sunday, April 13, 2008

$SPX Update for 04.13.2008

S&P 500 INDEX - $SPX

Monthly chart shows index below both the 8ema and the 34ema currently. The month of April 2008 is half over, and the bulls can't seem to get any traction with taking the index higher.

Weekly chart shows a dark cloud cover candle pattern produced by last week's trading activity. Index below its longer term moving averages and below the down trendline in place. Index remains stuck in consolidation/trading range. Good odds that next week or so we will see a break of current support as bears take it to lower low.

Daily chart shows increased selling pressure for Friday's trading session. The market has now traced out an abc 3 wave pattern which completed on Monday of last week. Look for lower lows to be made this week or next.

No comments: