Monday, October 27, 2008

S&P 500 Index Range And PNF Charts

This first chart has support and resistance levels calculated from the opening range starting Jan.1,2008.

S&P 500 Index Opening Range (click to enlarge)

Currently the futures are at 828.10, down 4.3%. This will most likely lead to a break of the 865 level and set up a test of 805. Below are some Point and Figure charts. Looking at these charts it isn't until a rally above 970 that things might turn short term bullish.

S&P 500 Index PNF Daily (click to enlarge)

S&P 500 Index PNF Weekly (click to enlarge)

Great Source of information based on Point and Figure charting, Dorsey Wright & Associates link. They offer free online lessons on Point and Figure charting, a lost art. There are also free weekly podcasts that cover various market conditions and outlooks.

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