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SPX Major Support Level

 
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PostPosted: Sat Sep 29, 2007 9:38 am    Post subject: SPX Major Support Level Reply with quote

The SPX six-month daily chart below suggests roughly 1,480 will hold for the remainder of 2007, which is roughly the low of the May to July topping process, the converging 50 & 200 day MAs, and the low when the FOMC eased the money supply in September. Moreover, NYSI (NYSE Summation Index above price chart) is in an uptrend, and CPC (CBOE Put/Call below price chart) remains near historically high levels (e.g. the 200-day MA currently 1.01 is an all-time high).

SPX resistance will continue to be slightly above 1,550, i.e. the all-time high set in July, and also the prior all-time high slightly above 1,550 in March 2000. It seems likely, SPX will trade between 1,480 and 1,550 through October or the rest of the year. However, at this point, intermediate-term technical indicators suggest it's more likely SPX will rise above 1,600, perhaps in December or January, before testing the August low at 1,370.

PeakTrader Top Buys: C BSC KBH SHLD PFE DOW KG SIMG CTIC DNDN; Top Sells: SPY (above 154 next week).

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