Sunday, February 08, 2009

$SPX Update for 02.08.2009

S&P 500 INDEX - $SPX

Monthly chart shows the index remains well below all key moving averages as well as the down trendline in place.

Weekly chart remains below all key down trendlines in place. The bulls managed to end the week on a positive note last week.

Daily chart shows that short term support is in place, with a buy signal/pattern in place. Look for a retracement of the whole move down from the January 2009 high. IF the market is retracing the last leg down, THEN look for the .618 fib and the .786 fib as the initial two upside targets for any long trades.

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