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New SPX Highs in Spring 2008?

 
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PostPosted: Sun Nov 18, 2007 8:30 am    Post subject: New SPX Highs in Spring 2008? Reply with quote

The first chart is an SPX weekly chart that suggests a fall below the weekly lower Bollinger Band, currently 1,415, will lead to a bounce to the 40-week MA, currently 1,484, the middle Bollinger Band, currently 1,496, or eventually to higher levels.

The second chart is a CBOE Put/Call weekly chart that shows the 40-week MA, currently 1.05, continues to make all-time highs, which is extremely market bullish, and suggests too many investors are overinvested in short positions and underinvested in long positions.

Consequently, the two charts suggest an SPX fall below 1,420 will be an excellent buying opportunity, and SPX may eventually rise to new highs, above 1,576, perhaps in early-2008.

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