Jun 29 2008
S&P 500 Chart – June 27, 2008
Last week I charted the Dow Jones and said the break of the trend line was a bearish indicator. The only hope would be that the $DJI didn’t stay below that line the following two days. Instead, the $DJI edged lower and we ended up with a horrible Thursday well below that line. I’ve made my point on the Dow’s direction, so today I turn to the S&P 500 ($SPX.X) to chart.
Starting with the good stuff, the January 23rd low was 1,270.05, the March 10th low was 1,272.66 and the low on Friday, June 27th was 1,272.00. That’s a pretty solid floor, not counting the March 17th low of 1,256.98.
The uglier side of the story is with the trend lines and moving averages, the VIX and history. For the past month and a half the lows have only gotten lower each time it bounces back down. The 10, 20, 50, 100 AND [...]
Original post by Alex Fotopoulos