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:
Wednesday, January 16, 2008
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