Look at that August 98. Now that's a serious red candle.
Notice also the 24 monthly ma is turning at about the same level as the 2000 high.
Semi says below:
we are coming down on quite a bit more volume so really to me that says the door is quite open to the 1363 low of the year.... And given the big volume 1324 from that 9/15/06 candle high is not out of the question...
Note that 1363 is not only the low of the year but also the 24 ema today.
1324 would pierce the 24 ema, just as it finally did in October 1998.
http://stockcharts.com/c-sc/sc?s=$SPX&p=M&b=5&g=0&i=p09067224865&a=30672916&r=5052.png
Edited by Rogerdodger, 04 August 2007 - 06:08 PM.
