In the October 27, 2010 blog post ("Market Overview - Part V: Stock Market") I showed two charts of the S&P500.
As we are now approaching various important technical levels of the S&P500, I have updated one of the charts, as seen below:
chart courtesy of StockCharts.com; annotations by the author
click on chart to enlarge
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As one can see from the chart, one interpretation that can be made is that of a (completed) "Cup & Handle" chart formation as denoted by the green line. I have added a red line to now denote the 1220 area. I think it would be significant if the S&P500 falls below this 1220 level now, as the 1220 level is technically significant in many different ways.
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The Special Note summarizes my overall thoughts about our economic situation
SPX at 1265.42 as this post is written
As we are now approaching various important technical levels of the S&P500, I have updated one of the charts, as seen below:
chart courtesy of StockCharts.com; annotations by the author
click on chart to enlarge
-
As one can see from the chart, one interpretation that can be made is that of a (completed) "Cup & Handle" chart formation as denoted by the green line. I have added a red line to now denote the 1220 area. I think it would be significant if the S&P500 falls below this 1220 level now, as the 1220 level is technically significant in many different ways.
_____
The Special Note summarizes my overall thoughts about our economic situation
SPX at 1265.42 as this post is written
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