spx - update

A new low might get set tomorrow. [attachment=9988:spx_2_26_09cl.png]

i was comparing the sentiment from the trading low on jan 2oth and now...sentiment was really bearish on the 20th and now its really hopeful as exhibited by put call ratios...5 and 10 day

One could argue that it is holding support in the horizontal channel.

Edited by rkd80, 26 February 2009 - 05:56 PM.

Mss, Any projection on the down side?

Breakdown of the triangle measures to 500? Nah, that can't be. I must be mistaken.

To answer a few, the channel really has a flat bottom and a down sloping top, which suggests a breakdown. I prefer the consolidation triangle pattern, JMO, and other things pointing to weakness, suggests down. Projection, 500 not out of the realm of chance, but later if/when. My projection was posted weeks ago, 741 failure = 700/695 and I think by mid year OR sooner. Tomorrow, 737+/- Yes we will have bounces but 803ish has now become an extremely hard and stiff resistance area. I posted a chart on Swing Waves indicating this, I think Under todays type market anything can happen out of normal context so any body's forecast is subject to sudden and rapid change. mss