S&P 500 Needs To Get Through 1050 Area To Have Conviction

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S&P 500 Needs To Get Through 1050 Area To Have Conviction

By David Spurr on October 21, 2008 | More Posts By David Spurr | Author's Website

The S&P 500 (^GSPC) had a strong move up Monday, but judging from the above point and figure chart, it’s still going to have to break through 1050 for a significant buy signal. If it breaks through 1050, then I think that there’s a great chance there will be a strong move to 1245, after a pullback to the 900 area.

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