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SPX: Volatile Range

 
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PostPosted: Sun Mar 11, 2007 3:42 am    Post subject: SPX: Volatile Range Reply with quote

The first chart shows a rally on lower volume over the past week from a short-term deeply oversold level. SPX fell from 1,461 to 1,373, mostly within a week, and then rose to 1,410 Fri morning. Short-term, SPX may continue to trade below the 50-day MA and below the 50 RSI level. The second chart shows the NYMO 50-day MA and NYSI haven't reached low enough levels for an SPX bottom, and a bottom may not be reached for at least a month. Also, the chart suggests SPX will fall to a lower low, i.e. below 1,373.



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