Wednesday, March 12, 2008

S&P 500 Updated Chart

S&P 500 Index(click to enlarge)
This chart shows that prices are firmly below the last triangle pattern. After the initial break below, there was one attempt back to the lower trend-line which failed. Since then prices went back down the second target price based on the opening range. It will be important to watch if the 400pt positive day for the DOW 30 can hold and act as support. Giving up this gain will be a sign of more weakness. Below is a monthly chart of the S&P 500 to give a longer term picture.

S&P 500 Index(click to enlarge)

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