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SPX Chart (update)

 
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arthur
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PostPosted: Tue Jan 04, 2005 3:53 pm    Post subject: SPX Chart (update) Reply with quote
The heavy (above average) and rising volume, over the past two days, is very bearish. However, the oscillator (ULT) is short-term oversold. SPX resistance is at 1,200 (20 day MA), and next major support levels are 1,178 (50 day MA), and 1,169 (61.8% Fibonacci level). The congestion area at 1,168 to 1,197 is also a support zone. It seems, the market is discounting the heavy economic data Fri and start of earnings season next week.

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