Sunday, May 18, 2008

$SPX Update for05.18.2008

S&P 500 INDEX - $SPX

Monthly chart shows index above its 34ema and 8ema. Is the market retracing the last leg down, or is it making a new leg up to higher high?

Weekly chart shows a lot of bulls stepped back into the market the past week. Index currently above most of its key moving averages.

Daily chart shows higher high made on Friday (options expiration), resulting in a doji/hanging man candle pattern. Resistance is directly above with the 200sma.

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