Well it appears that some major resistance has been overcome. The 850, 89ema, channel top TL, 89ema SPX:$VXO ratio to the upside, all looking positive. Very long term ratios turning up, what could be better? The problem is it MAY be built on hope and media/brokage/wall street hype. Only time will tell, but right now a retest of 825ish would not change the current positive outlook. I have posted several times that a base of some sort had started forming last Nov. and Mar. confirmed a bottom of some sort was in for a good bounce. We are still in a Bear market, but a Bull rally is in the making till something changes.
http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=1&mn=6&dy=0&i=p61203997042&a=155481023&r=65.png
http://stockcharts.com/c-sc/sc?s=$SPX&p=W&yr=1&mn=0&dy=0&i=p80865027267&a=155481024&r=374.png
http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=3&dy=10&i=p43556340400&a=155480059&r=812.png
Charts show potential resistance areas. They should update and I will change TLs etc as I deem useful.
Comments welcome.
mss
Edited by mss, 10 April 2009 - 09:09 AM.
