S&P 500 Chart - May 16, 2008
I mentioned in last week’s Dow Jones Chart that I thought support was showing and the DJIA could tick higher. It did. I came back this week to chart the S&P 500 ($SPX.X). This is a six month chart of the S&P 500 as opposed to the slightly longer chart last week and therefore has slightly different lines to draw our focus.
The primary negative (bearish) technical indicator I see is the 200 day simple moving average (sma) acted as a ceiling last week on Thursday and Friday. The 200 day line can be a hard line to cross and this time proved no different so far. Then again on the positive (bullish) side the S&P has stayed above the 1400 mark for a few days. We’ve been jockeying back and forth across 1400 for a few weeks. With the upward trend lines of higher lows reaching 1400 at the same time as the 10 and 20 […]
Original post by Alex Fotopoulos