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« Remove the noise | Main | Where was the up-volume »
Sunday
Nov292009

SPX Weekly Chart

DateSunday, November 29, 2009 at 7:58PM

SPX weekly chart, the market has move towards its long-term down trendline that started in 2007.  It has failed to get back to that level. 

One thing to notice is the AB=CD pattern that formed on the weekly chart.  The end of the move would be around 1150, a completion of the move would end near the down trendline and the 200EMA.   

So here are the basic support and resistance levels for SPX on the weekly level


Resistance- 1110 and 1146-1158

Support- 1080-1070 and 1050 and up trendline (in black)

A break of those levels would be signifcant, the first test up trend bull market would be the 1100 again. Based on the analysis below, the low volume ratio on Friday may give the market the bounce it needs to move to the 1110 level.

AuthorPikertrader | CommentPost a Comment |
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