Tuesday’s Action In S&P 500

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Tuesday’s Action In S&P 500

By John Lee on October 15, 2008 | More Posts By John Lee | Author's Website

We started off by gapping up and selling off throughout the day (Tuesday), forming a doji, or an indecision day. We did hit support near 3PM, which was Monday’s resistance level. The market then formed an inverse head-and-shoulders pattern but the rally remained weak and but re-entered into its intra-day neutral range.

S&P 500 (SPX) - 1-Day

On a 3-day chart below, we can see a descending triangle form and a breakout or breakdown tomorrow (Wednesday) from either trend lines will mark a continuation of that action.

S&P 500 (SPX) - 3-Day

Here’s the doji on stronger volume than yesterday:

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