Sunday, November 30, 2008

S&P 500 INDEX - $SPX

Monthly chart remains bearish as the index is well below all its key moving averages. Market found short term support off the prior key LIS and October 2002 low. For the time being, this level is holding.

Weekly chart shows that the bulls managed to take back the losses of the week before. Index remains below all its key moving averages. Need to see strong upside follow through this coming week in order to have a good tradeable bottom.

Daily chart shows the index managed to close above its 8ema. Look to next week's trading activity for a buy signal. Possible 5 waves down into current support. Upside target and resistance is at the 942 to 1000 level.

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