Sunday, February 15, 2009

$SPX Update for 02.15.2009

S&P 500 INDEX - $SPX

Monthly chart continues to look extremely weak, as the index remains well below all key moving averages and the down trendline in place. No buy signal/pattern evident on this timeframe. Look for continued weakness and a decisive break of the October 2002 low as the market heads much lower.

Weekly chart continues to look weak as the index remains below all key moving averages and down trendlines in place on this timeframe. Despite the strength of the bulls the week before, the bears managed to take back all the gains this past week.

Daily chart shows index remains stuck in consolidation/trading range. Index remains below all key moving averages. Backend support did not hold and is now acting as resistance. Look for continued weakness as the market heads lower.

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