Intermediate downtrend is still intact. Short term also has a lower high and lower low. We could certainly get a relief bounce, but price action at this point is not showing us any hints of a short term reversal.
SPX Daily Chart:
Monday, June 23, 2008
SPX Trading Levels
The SPX formed a spinning top today on the daily charts and is still BELOW the 61.8% retracement of the move up from the March low to the May high. Once the price surpasses the 61.8% level the bias is stronger for a 100% retracement which would put the SPX in the 1260 area for a retest. This would also make technical sense to see the completion of the rising wedge with the SPX moving all the way to the bottom of the base of that pattern.
Intermediate downtrend is still intact. Short term also has a lower high and lower low. We could certainly get a relief bounce, but price action at this point is not showing us any hints of a short term reversal.
SPX Daily Chart:
Intermediate downtrend is still intact. Short term also has a lower high and lower low. We could certainly get a relief bounce, but price action at this point is not showing us any hints of a short term reversal.
SPX Daily Chart:
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