That buy program that hit near the close on Thursday was at the August 2004 supporting trendline for SPX (S&P 500). It should provide support for a mini rally to about 1206, 38.2% and old trendline support from March 2003, now resistance. The longer term support line is the most relevant, and until the March 2003 support line is acting as resistance, there is still downside risk. If long, trail your stops and play it safe.
click on chart for full size
click on chart for full size
This entry was posted
on Sunday, October 09, 2005 at 9:32 AM.
