Saturday, August 09, 2008

$SPX Update for 08.09.2008

S & P 500 INDEX - $SPX

Monthly chart shows aggressive buyers stepping back into the market.

Weekly chart shows the bulls decisively closed the week above the 8ema on this timeframe. At the very least, expect a retracement of the last leg down from the May 2008 high. First upside target is at the .618 fib level.

Daily chart shows the bulls closed the index for the week over both the 8ema and the 34ema. The current move up off the July 2008 low looks to be corrective so far.

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