$SPX Update for 10.04.2009

S&P 500 INDEX - $SPX

Monthly chart shows the bulls managed to take the index up for seven straight months. The bulls managed to find initial resistance right at the .443 fib retracement area, where initial profit-taking took place. Look to lower timeframe charts for early signal of a more significant pullback.

Weekly chart shows the whole move up into the .443 fib area resistance was made in a three wave pattern so far. The new high was made with regular divergence seen in the cci Momentum indicator. Look for possibility of bigger retracement off this current high.

Daily chart shows a sell signal with a lower high made on September 29, 2009. Look for continued signs of weakness, and possibly much deeper retracement off this level.

$SPX Update for 05.17.2009

S&P 500 INDEX - $SPX

Monthly chart shows the bulls have been unable to take the market above the 8ema on this timeframe. Index remains below all key moving averages and the down trendline in place.

Weekly chart shows that while the index remains above the 8ema on this timeframe. the bears have managed to take back all the bulls' gains the week prior. Current short term resistance is directly above at the 34 ema. Look for continued weakness and a possible retracement of the entire move up off the March 2009 low.

Daily chart shows the bears have managed to take the index back down below its 8ema and below the up trendline in place. Look for continued weakness and a retracement of the whole move up off the March 2009 low. First downside target is the .618 fib retracement level.

$SPX Update for 04.10.2009

S&P 500 INDEX - $SPX

Monthly chart shows the March 2009 low holding and aggressive bulls stepping back into the market.

Weekly chart shows the bulls continue to gather momentum as they manage to close the index above its 8ema, and the down trendline in place.

Daily chart shows the bulls continue to gather momentum as they managed to close the week with a higher high. The CCI moentum indicator shows regular divergence with this last move up into higher high.

$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.

$SPX Update for 03.21.2009

S&P 500 INDEX - $SPX

Monthly chart shows short term bottom in place, as aggressive bulls stepped back into the market. The bulls managed to close the week right at the key LIS and October 2002 bottom. No buy signal/pattern evident on this timeframe as of yet.

Weekly chart shows that last week's trading session ended in a doji/shooting star candle pattern as the upside momentum fizzled towards the end of the week. The bulls did however, manage to close the week above the small key LIS and s/r of the November 2008 low.

Daily chart shows profit taking/renewed selling pressure towards the end of the week. The bulls encountered resistance right at prior support of the January 2009 low. If the bulls are unable to gather upside traction, this will create a "blue ice failure" pattern.

$SPX Update for 03.15.2009

S&P 500 INDEX - $SPX

Monthly chart shows that aggressive bulls stepped back into the market at the key potential support level of .618 fib and target 3. This .618 fib support level is based on the entire move up in the index from the low made in March 1980 into the October 2007 high. Resistance is directly ahead at the key LIS and the October 2002 low. No buy signal/pattern on this timeframe. With two more weeks to go before the trading is complete for the month of March 2009, anything can happen during this time.

Weekly chart shows that the past week's trading session resulted in a bullish engulfing candle pattern. The bulls managed to close the week above the small key LIS and the November 2008 low. Will this pattern have any follow through, or will it fail like the pattern made in November 2008? Only time will tell. This week's bullish pattern was made with regular divergence on the CCI momentum indicator as did the previous pattern.

Daily chart shows that the doji candle pattern made the week before provided a signal of a possible major move, which played out to the upside this past week. The bullish butterfly pattern identified last week also gave a heads up as to the next likely move.

$SPX Update for 03.06.2009

S&P 500 INDEX - $SPX

Monthly chart extremely bearish, with index trading well below all its key moving averages and the down trendline in place. Index has broken through the key LIS and low made on October 2002. Old support now becomes new resistance. Aggressive bulls found short term support off a .618 fib level and my target 3. No buy signal/pattern evident on this timeframe.

Weekly chart remains very bearish, with the index trading well below all its key moving averages and all the down trendlines in place. The bears managed to end the week by dragging the index to close down below the smaller key LIS and prior support of 741.01 which was made in November 2008.

Daily chart shows the index found short term support off the 666.79 level. Friday's trading session ended in a doji candle pattern, indicating indecision between the bulls and the bears. IF we see this short term support level holding, THEN look for agressive bulls to step back into the market next week. The pattern that price has traced out looks to be a bullish butterfly candle pattern.

$SPX Update for 02.28.2009

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.

$SPX Update for 02.21.2009

S&P 500 INDEX - $SPX

Monthly chart shows index remains extremely bearish. No buy signal/pattern evident on this timeframe.

Weekly chart remains weak, with no buy signal/pattern evident on this timeframe.

Daily chart shows the index remains stuck in consolidation. Friday's price action resulted in a hammer candle pattern. Will some aggressive buyers show up next week? Possible gartley butterfly pattern in place. IF there is initial aggressive buying early next week, THEN look for upside target to be in the neighbourhood of 900.

$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.

$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.

$SPX Update for 01.31.2009

S&P 500 INDEX - $SPX

Monthly chart continues to show downside weakness with no buy signal/pattern evident on this timeframe. Index remains well below all key moving averages and the down trendline in place. Look for test of the November 2008 low and key LIS before a break and lower still.

Weekly chart continues to show weakness with the index remaining below all key moving averages and all down trendlines in place.

Daily chart shows continued weakness and a lower high in place. Index remains below all key moving averages and a down trendline in place. Look for continued weakness and eventual continuation lower to test the November 2008 low initially. Let's see if we get any short term rally off the .786 fib level and .886 fib level or not.

$SPX Update for 01.25.2009

S&P 500 INDEX - $SPX

Monthly chart remains weak with no buy signal/pattern evident on this timeframe. Look for another run at the key LIS and the October 2002 low of 768.63.

Weekly chart remains weak with no buy signal/pattern evident on this timeframe.

Daily chart remains bearish, with the index below all key moving averages. The index has been stuck in a trading range since the low of November 21, 2008. Look to next week's trading session to see if the bulls want to make a run for a re-test of the january 6, 2009 high.

$SPX Update for 01.11.2009

S&P 500 INDEX - $SPX

Monthly chart shows market remains well below all moving averages on this timeframe. No buy signal/pattern evident on this timeframe.

Weekly chart remains below all moving averages. No buy signal/pattern evident on this timeframe.

Daily chart shows continued weakness into the close of last week. Market has fallen back through the 8ema, but has found short term support off the 50sma. Look for continuation lower next week and at a minimum, a re-test of the November 2008 low.

$SPX Update for 01.03.2009

S&P 500 INDEX - $INDU

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.

$SPX Update for 12.27.2008

S&P 500 INDEX - $SPX

Monthly chart continues to show weakness with no buy signal/pattern in place.

Weekly chart continues to show weakness with the bears managing to close the week slightly lower than the week before.

Daily chart shows the bulls managed to find short term support the last 2 trading days of the week. Need to see if they have conviction for continued follow through to the upside.

$SPX Update for 12.21.2008

S&P 500 INDEX - $SPX

Monthly chart remains bearish with no buy signal in place on this timeframe.

Weekly chart shows continued weakness and consolidation, as the last three week's trading activity resulted in a hammer, doji and spinning top. No buy signal in place on this timeframe.

Daily chart shows continued weakness, with the bulls losing their initial gains to the bears as the trading week drew to a close. Look for continued weakness and a test of the low at the very least.