Wednesday, January 16, 2008

SPX Sets A New 52 Week Low

The SPX lost 7.75 points today with an intraday low falling within 1.5 points of the 52 week intraday low set in March, but DID close at a new 52 week low at 1373.20.

The price action continues to confirm the bearish environment as rallies quickly change to sell offs. Seems likely that the market will put in a relief rally soon, but I've been saying that for over a week now so I'll no longer be holding my breath.

We'll see if this area will support tomorrow.

SPX Daily Chart:

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