S&P500 (SPX) Review : Chart as of 19 August 2009

Aug 20, ’09 4:31 PM
Author Categories S&P500 Tags ,

SPX had a correction 3 days back and since then it has a counter rally for the past 2 days.

Yesterday rally has seen it clawed back to 995.

What I will be looking for is for any possible reversal before  1015 and/or if SPX cleared 995 convincingly.

On the Daily Chart, we can see that the leading kumo is providng support at 980. For now, I still do not have the sginal to short SPX yet as Tenkan sen has not cut Kijun sen.

SPX_20Aug2009

On the Weekly Chart, the price action is taking place inside the kumo; a suggestion that it is trendless now. Perhaps an indication that it has run ahead of some economic fundamentals .

I believe in another 2 weeks, the trend will be clearer.  However, should it break 980, I will be look at levels between 980 and 950 (where the support is stronger)

SPX_20Aug2009_Weekly

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