$SPX Update for 06.01.2008

S&P 500 INDEX - $SPX

Monthly chart shows that while the month of May 2008 started off strong, some weakness and selling came into the market towards the end of the month, resulting in a close only slightly higher than its open.

Weekly chart shows bulls managed to regain some of the ground lost the week prior.

Daily chart shows the bulls managed to take the market up to close above the 8ema, however, the trading activity on Friday resulted in an inside day, and small doji type candle pattern. Was this just window dressing for month end? Look to next week for better sense of direction.