S & P 500 INDEX - $SPX
Monthly chart shows aggressive buyers showed up off the 1200 level. However, there is still no buy signal/pattern on this timeframe. This index continues to look weaker than the $INDU, partly due to the financials. 
Weekly chart shows the short term support off the 1200 area, where aggressive bulls stepped back into the market. Is this just a bear market rally? It is too early to tell. Price currently remains below all key moving averages, especially the 8ema. No buy signal/pattern evident on this timeframe.
Daily chart shows that while the bulls showed strong upside conviction on both Wednesday and Thursday's trading sessions, they were not so enthused on Friday. The bulls need to take the market up sharply next week in order for us to have a trend change. IF the price action remains sluggish, and we are caught in consolidation, THEN we can expect another leg lower once consolidation is complete.
Saturday, July 19, 2008
$SPX Update for 07.19.2008
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