7/21/2003
Above is a 5 year
weekly
chart of the S&P 500 Index .
You can see that the Index has closed above resistance and broke above
it's year long trading range. This happened about seven weeks ago.
Since
that time it has not been able to close above 1000 on a weekly basis.
If
the S&P 500 were to have a weekly close above 1000 we would expect
a further move higher. The support line on the chart above is at 965.
We
do not want to see the S&P 500 close below 965 and fall back into
the
previous trading range. That would be a bearish development.
Below is a 1
year daily S&P 500 chart.
You can see that the recent uptrend which has lasted 4 months has been
broken. You can also see a potential double top with highs made in June
and July. If 965 gets broken there is some support at 950. However
after
that there is not a whole lot of support until you get below 800.
Hopefully the S&P 500 will bounce off 965 this week and then move
higher.
We
will update these charts when the S&P 500 is testing support or
resistance.
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