S&P 500 INDEX - $SPX
Monthly chart shows new lower low made in February 2009. Index remains well below all key moving averages and the down trendline in place. My first two downside targets have been hit. The next target to aim for is target 3 - at the 1.27 fb level of about 550. No buy signal/pattern evident on this timeframe.
Weekly chart shows continued weakness with index well below all key moving averages and all down trendlines in place. A lower low was made with divergence in the CCI momentum indicator. No buy signal/pattern evident on this timeframe.
Daily chart shows continued bearishness, with daily close below the prior key LIS of 739.00. No buy signal/pattern evident on this timeframe. Lower low was made with divergence in the CCI momentum indicator. With continued weakness, look for the next downside target to be at the 1.27 fib level of 686.75.
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