Saturday, August 23, 2008

$SPX Update for 08.23.2008

S & P 500 INDEX - $SPX
Monthly chart shows current support holding, with bulls stepping back into the market. The bulls managed to take the index to close back above the March 2008 low. However, it remains well below both the 8ema and the 34ema.
Weekly chart better shows the struggles the bulls have had in taking the index back above the March 2008 low. The bulls managed to close the index this week right at the 8ema on this timeframe.

Daily chart shows the difficult struggle the bulls have had in attempting to take the index higher. They have managed to make better progress this past week, closing the index over the daily 8ema. Looks like the market traced out a wave extension pattern in wave 3. The last leg down had only 3 waves. Look for a move back up, with a test of the August 2008 high as the minimum target.

No comments: