$SPX Update for 09.28.2008

S & P 500 INDEX - $SPX

Monthly chart shows the bears managed to take the index back down below the March 2008 low, and below the last month's low... erasing all the gains the bulls made in September 2008. Index remains below the 34ema and the 8ema. No buy signal/pattern evident on this timeframe.

Weekly chart shows the index remains below the down trendlines in place, and also below the key moving averages. No buy signal/pattern evident on this timeframe.

Daily chart shows a short term buy signal/pattern evident on this timeframe. The market is retracing the last leg down from 1,265.12. First upside resistance target is at the .618 fib level followed by the .786 fib level if it can manage to get above 1,220.03 (current resistance).