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SPX - BOTTOM IN ?


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#1 mss

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Posted 19 April 2008 - 05:00 PM

:)
Well it appears that the short term trend has changed to up. There are still many conflicting indicators, but more are turning, or reducing the rate of decent. From a daily stand point the jury is still out and until 1402 -1409 is broken we are in a trading range with potential to break into new lows. Breaking to new lows is at a lower probability now than a few weeks ago. The most likely price range is 1416 ( if we break 1409) to 1344. Going out on the "extreme limb" here, and go with 1441 - 1298 if it goes wild.

The first weekly chart indicates that MOMENTUM then PRICE and now VXO have all turned up, as indicated by the GREEN arrows. Although still weak, suggesting strength is building.

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The next chart is the three line break and we got a trend reversal signal. It does show strong resistance just above.

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The next weekly chart has all the EMAs and horizontal lines of resistance that the weekly price has to plow through to get above 1409ish.

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Same chart, just shorter time frame, easier to see resistance points.

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The last chart is a DAILY 60 min. as of the close on Friday the 18th. This indicates the first support zone as well as the suggesting that Monday might open down. Momentum did not reach the trend line and just might be suggesting a false break from the implied triangle. But we sure have an interesting set up for discussion.

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And if nothing exciting happens we still have the "play pen" chart to watch.

Comments etc. always welcome,
mss
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#2 marco

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Posted 19 April 2008 - 05:21 PM

Nice job! :clap: