Sunday, August 31, 2008

$SPX Update for 08.31.2008

S&P 500 INDEX - $SPX

Monthly chart shows the bulls managed to make a higher high over the month before. The bulls managed to end the month with a close above March 2008 low. However, there is still no clear signal/pattern for a buy setup. The index remains well below the 8ema and the 34ema on this timeframe.

Weekly chart shows the struggle the bulls have had in attempting to take this index higher. The bulls were unable to close the week above the 8ema, and remains well below the 34ema.

Daily chart shows a possible lower high being made, as the bulls took their profits off the table as we head into the Labour Day long w/e. The index remains stuck in a consolidation range. Is this a wave 4, with a higher high still to be had to complete 5 waves? Or is the top made in August, and we head lower from here? Only time will tell.

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