Saturday, April 19, 2008

$SPX Update for 04.19.2008

S&P 500 INDEX - $SPX

Monthly chart shows the market found support off the .382 fib area.

Weekly chart shows possible 5 waves down into the March low. More evidence of buying activity last week, coinciding with options expiration.
Daily chart shows double top made with Friday's trading action. Will the market encounter profit-taking/selling next week, now that options expiration is over? Daily chart shows 7 overlapping waves up into the double top. I would not be surprised if we see some profit-taking early next week.

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