S&P 500 INDEX - $SPX
Monthly chart shows index remains well below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe.
Weekly chart shows the bears managed to take back some of the gains made by the bulls the week before. No buy signal/pattern evident on this timeframe.
Daily chart shows a sell signal/pattern right at the .786 fib resistance area, where the bulls managed to take the index lower. Pattern suggests consolidation/trading range before the next leg down. The key area to watch is the October 14, 2008 resistance high for now.
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