A break below the 1425 could produce some panic selling, so keep your eyes on that area if we start heading lower.
On the top side look for upward targets of 1457.50 and (23.8%) and 1476 (38.2%).
SPX 6 Month / Daily Chart
Sunday, August 12, 2007
SPX Chart
The SPX found support on Friday just above the recent 1425 lows and closed smack on the 200MA at 1453. This left us with large doji on the daily charts that could also almost be seen as a bottoming tail should we get a strong bullish candle on Monday. I view the candle more bullish then bearish in the context of the chart and having it close at the 200MA, but I think it's clear that the market is still going to take a week or two give us any real clues as to where the broad market is heading.
A break below the 1425 could produce some panic selling, so keep your eyes on that area if we start heading lower.
On the top side look for upward targets of 1457.50 and (23.8%) and 1476 (38.2%).
SPX 6 Month / Daily Chart
A break below the 1425 could produce some panic selling, so keep your eyes on that area if we start heading lower.
On the top side look for upward targets of 1457.50 and (23.8%) and 1476 (38.2%).
SPX 6 Month / Daily Chart
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