Sunday, December 07, 2008

$SPX Update for 12.07.2008

S&P 500 INDEX - $SPX

Monthly chart shows bottoming tails into support and key LIS. However, index remains well below all key moving averages and the down trendline in place.

Weekly chart shows the bulls managed to hold into the gains made the week before. Index remains for now, below all key moving averages and the down trendlines in place. Aggressive buy signal/pattern evident on this timeframe with the bullish engulfing candle pattern and the harami candle pattern in place.


Daily chart shows the bulls managed to close Friday's trading session near its high for the day. We need to see upside follow through next week, and must clear current resistance before we can see a more sustained up move.

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