Saturday, January 03, 2009

$SPX Update for 01.03.2009


Monthly chart shows a tradeable bottom is currently is in place. Look for consolidation/trading range, and an upside target to the 8ema and the .382 fib retracement level of about 1,000 as upside target.

Weekly chart shows the bulls managed to close the week decisively above the 8ema. Look for continued follow through to the upside in a bear market rally (consolidation/trading range).

Daily chart shows the bulls have managed to the index to close above the 8ema, 34ema as well as the 50sma. We have a possible 5 waves up pattern, and IF we do, THEN look for an abc 3 wave retracement of the whole move up.

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