Wednesday’s Charting Of S&P 500

New York London GMT Tokyo Singapore

Wednesday’s Charting Of S&P 500

By John Lee on September 25, 2008 | More Posts By John Lee | Author's Website

If you weren’t looking at a 3-5 day chart of S&P 500 (SPY), then you missed some key support and resistance points for today. I have to admit, days like today are the most difficult to trade. Essentially the market can’t make up its mind due to the uncertainty of this bailout package. It’s dragging…and dragging…and dragging on. Markets hate this.

The key factor I was looking for today is if the market was making higher lows, and it did not. Therefore, a short-term bottom was not in place as of today. Tomorrow may be a different story. If you see a cupping pattern form, that may be a short-term reversal to the upside. Any breaks at the major support level above means we’re going down hard.

Check Out These Related Posts:

If you like this article please...

Subscribe by RSS Subscribe by Email

Email This Post To A Friend

Recent News:

*Romania Sept. Industrial Production Rises 1.3% On Month, Falls 4% On Year - 5 mins ago
*Romania Sept. Exports Fall 13.1% On Year, Imports Down 34% - 15 mins ago
Moody’s Lifts China’s Ratings Outlook - 17 mins ago
*Romania September Trade Deficit Increases To EUR 1.06 Bln From EUR 0.75 Bln In August - 22 mins ago
Czech Unemployment Rate Falls In October - 33 mins ago

Opinions From Our Contributors

Commodities US Dollar Tops, While Precious Metal Stocks Bottom: There’s More To Seasonality Than Summer Doldrums ‘Worst Is Behind Us,’ UH Economist Says Non Farm Payrolls To Bring The Bears Out Eight Months Into The Rally, What’s Next For The US Stock Market And Gold? Update: Gold’s Expanding Arc In Daily Chart Back To Bubble Land Fuel Your Stock Portfolio With BHP Billiton: The Best-Run Commodities Company In The World Will Gold’s Historic Bull Run Spill Over Into Silver? Gold, Silver, Oil And Natural Gas Have Gone Wild! Why Now Is The Time To Buy All Things Silver! Read More »	Financials The Mob Rules - At Least So Long As Long As Goldman And The Fed Can Continue To Drive The US Dollar Into The Ocean Stock Picks For Monday: Citigroup, JDS Uniphase And General Electric Are Discount Broker Shares Worth Owning? Investment News Briefs: UBS Fined $13.3 Million; Exxon And Shell Sign Iraq Oil Contract; Shares Of Ancestry.com Soar On IPO Retaining Risk On Wall Street: Necessary But Painful A Still-Safe 18% Dividend In “Virtual Banks” Goldman Sachs ‘Shooting Fish In A Barrel’ Warren Buffett Goes “All In” On America… How To Play The Oracle’s Big Bet IASB At Odds With FASB On ‘Extend And Pretend’ Option Traders Suggest Further Retail Sector Weakness Read More »	Exchange Traded Funds Rydex Market Timer Funds: Extremely Mixed ETFs To Cover What Warren Buffett Is Buying 10 Reasons ETF Tracking Error Occurs Law Firm Files Class Action Lawsuit On Behalf Of Investors In ProShares Ultra Oil & Gas Fund (DIG) 6 Reasons To Watch China’s ETFs Five Tips For Trading ETFs The Carry Trade: What Is It And How To Play It? Midday Market Update: Jobs Report Cheers Wall Street Gold ETF: With Each Push Higher, Volume Has Been Declining Gold To Continue Its Record Run As Central Banks Stock Up Read More »
Stocks Many Western Oil Producers Like Exxon, Shell And Eni Are Reluctantly Returning To Iraq’s Oilfields Stock Investor Sentiment: Changes Within The Indicators Combining Bollinger Bands On Rates Of Change In The VIX Is Another Bubble Building In Stocks, Commodities And Currencies? Month To Date Market Review S&P 500: Market Is Strong, But Correction Should Continue Doctor Up Your Portfolio With This Medical Communications Company Dendreon Corp.: Put This Promising Biotech Stock On Your Watch List Has Asia Dethroned Detroit As The Auto Sector Leader? Three Marketing Giants Adjust To The New “Post-Crash” Reality Read More »	Forex Dollars And Books Revisited Weak U.S. Economy May Not Mean Weak Dollar This Time Australian Dollar: The Downside Prevails Canadian Dollar: Caution USD/JPY Moves Below The 89.82 Level As Stocks Move Back And Forth Swiss Franc: The Downside Prevails Japanese Yen: Under Pressure British Pound: The Downside Prevails Euro: Under Pressure Friday’s Forex Outlook Read More »	Economy Cartoon: I Feel Bullish… Economic, News And Corporate Earnings Reports For The Week Nov 9 - 13 Stimulus Is Only Stimulating “Economic Misery” The Problems With “Printing Your Way Out Of Debt” US Unemployment Rate Up Unexpectedly At 10.2%: Is The Economic Rebound A “Jobless Recovery”? US Commercial Property Sector: A Tsunami Of Red Ink Interesting Articles To Read US Unemployment Rate Troubling, But … Cartoon: It’s Still The Economy, Stupid Extension Of US Unemployment Benefits: Will That Really Benefit The Overall Economy? Read More »