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Seasonally Weak Period

 
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PostPosted: Sun Oct 21, 2007 9:07 am    Post subject: Seasonally Weak Period Reply with quote

The SPX weekly chart below, over 1 1/2 years, shows the last several times SPX had a big down week, i.e. in July '07, February '07, and May '06 (twice), it eventually fell to or below the lower weekly Bollinger Band. However, volume last week was relatively low, even lower than the February '07 pullback. Nonetheless, it's possible a fall to roughly 1,425 may take place, which is also the bottom of the extended Price-by-Volume bar. However, if the bullish inverse head & shoulders holds, then SPX will hold roughly 1,480, i.e. the June '07 lows, with additional support at the 40-week MA.

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