$SPX Update for 07.05.2008

S & P 500 INDEX - $SPX

Monthly chart finally shows a break of the March 2008 low in the first week of July 2008. Index is trading below all key moving averages. There is no buy signal/pattern evident on this timeframe. Long term downside target for this bear market is at the .618 fib level.

Weekly chart shows a lower high was made in May 2008, where the bears came out in force and increased the selling pressure. While a lower low was made in July 2008, the bulls managed to close the week above the March 2008 low, but only just barely. No buy signal/pattern evident on this timeframe.

Daily chart shows that Thursday's trading session ended in a doji, indicating indecision between the bulls and the bears. Probabily profit-taking and short-covering ahead of the July 4th long weekend. Index is currently below all key moving averages, and below the down trendline in place. No buy signal/pattern evident on this timeframe.