Charting: S&P 500 Index

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By John Lee on October 4, 2008 | More Posts By John Lee | Author's Website

S&P 500 (SPX) 1-day chart

We are highly likely to head lower from here. All positions entered today (Friday) were 100% short since the breakdown. Again, there was a slight delay from when the votes were completed and when the decline actually occurred. The first breakdown from support was an obvious decision to go short and further breakdowns confirmed a hold in those positions going into the weekend.

S&P 500 (SPX) 3-day chart

Here is a 3-day chart. The support line for today existed 3-days ago. We also broke yesterday’s support. We ended the day by forming a continuation flag.

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