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[Woody]

On first chart below I've drawn a Support Resistance Line that gives a 1487 target for the current drop which marginally takes out the Oct lows and is really a test of the lows......if we can maintain positive divergences on CCI, NYMO, and MACD Histogram then we may have a st bottom similar to August. The 1487 line also lines up with bottoms formed in June/July

The second chart shows some key support, 21,4 MA Envelope support comes in at 1477, and the 200 EMA at 1476.......I believe Tea has a count that comes in at 1466
Take a look at where the March retest found support on chart #2

Take these levels out and take out the pos divergences and its a whole new ball game, Otherwise a new high at 1635 is a possible upside measurement from 1485 fwiw.

I think Nov 9 is a Bradley date too.





http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=1&mn=0&dy=0&i=t97337283093&a=109269069&r=2162.png

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&b=3&g=0&i=t95248020879&r=2164.png

Edited by Woody, 01 November 2007 - 01:24 PM.