Tony: Founder of KhronoStock.com and KhronoStock Blog Network
Update on SPX from KhronoStock contributor Joseph of TradingPoints.net.
July 23, 2009 7:03 AM
Despite a sharp pre-open Globex decline, the $SPX was able to fulfill the High Continuation SIgnal for Wed. trading session with an intra-day post recovery high @ 960 before settling down less than a point on the day.
Daily Trading Signals
There were no trading signals generated for 23 Jul, the S&P 500 will have to rely on Pivot & Support levels to guide intra-day trading biases.
Today’s daily pivot is 953.88, and the weekly pivot is 919.89. Price action above the daily pivot is bullish.
The $SPX’s normal trading range is projected to be between 948.03 – 960.11.
The $SPX’s extended trading range is projected to be between 943.42 – 964.72.
Specific price levels and projections are discussed on the charts below.
Short term 15 Min & 60 Min
60 min symmetry support is between 944.83 – 946.52.
Daily
The daily chart oscillator is bullish overbought. The recent daily close above 932 projects eventual targets of 979 and 1010.
Weekly
The recent -9%, -87 point decline was the catalyst for the current +90 point, 2 week rally. The weekly oscillator turned bullish last week. A daily close < 898 and support slips to 870 on the weekly charts.
The true weekly swing high is counted from 943.85. Even in the most severe downtrends a 38.2% – 50% rally is typical. 1014 would be a minimal 38.2% retracement of the all time highs @ 1576 Oct ’07 from the 667 March lows.
The current high point of the rally is a 293 point, 44% 20 week advance in the S&P to 960, the longest rally since the beginning of the Bear Market from the Oct ’07 highs. Closing > 945 at end of the current month would turn the monthly $SPX price pattern nominally bullish. The Monthly chart has already closed above symmetry resistance. June closed @ 919.32, while May closed at 919.14.
Long Term: Because of the powerful reversal on the 10th Mar, from long standing key weekly Fib projection / support levels, the benefit of the doubt is still given to the bullish case with continued daily closes > 777.
Updated 15 min, Hourly, Daily, Weekly charts with additional Fib support and projection levels are posted below.
Support & Resistance Levels and Daily Signals are posted in each section.
