Sunday, March 29, 2009

$SPX Update for 03.29.2009

S&P 500 INDEX - $SPX

Monthly chart shows short term support is in place. Aggressive buying should see the index close off March 2009 much higher than its open.

Weeky chart shows renewed buying strength into last week. IF we have 5 waves down, THEN look for a retracement of the whole wave down.

Daily chart shows Friday's trading session ended with an inside day as traders took profits. Index is looking a little toppy in this area. We should be getting some kind of retracement of the whole move up from the low. IF we get a retracement of the whole move up, THEN look for a three wave pattern to enter long.

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