![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjphuzlOyMw9-4t0_2AcBdaVmeLBtCIQXiMavuD-66wUDFCinIBE54CnanKA-ENQT_iVEF-auZBMMwIXqAIVh81llULDHaePJY2RD5aZUQtarSFZQ2qpbx0hhbC5LvqZ4BrHjwNFzxMz94/s320/EconomicGreenfield+SPX+Weekly+LOG+TL+and+Retrace+12-3-09.png)
Chart courtesy of StockCharts.com
The trendline is significant as it represents the downtrend line from the October 2007 highs. As one can see, the current S&P500 price of 1110 is very close to that downtrend line.
As well, the current price is very close to the 50% retracement of the move from the S&P500 October 2007 high to the March 2009 low. This 50% retracement is shown in gray and is at 1121.44.
SPX at 1109.58 as this post is written
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