Tony: Founder of KhronoStock.com and KhronoStock Blog Network
Update on SPX from KhronoStock contributor Joseph of TradingPoints.net.
BY TRADINGPOINTS ⋅ JULY 29, 2009 ⋅ POST A COMMENT
The S&P tested hourly symmetry support on 28 Jul again, which moved up to 967-969 yesterday, and advanced once again to test 980 Fib resistance. Overnight the Chinese markets were whacked -5.8% before recovering some at the close, but S&P Globex futures are well off their worst levels.
Daily Trading Signals
There were no trading signals generated for 29 Jul, the S&P 500 will have to rely on Pivot & Support levels to guide intra-day trading biases.
Today’s daily pivot is 977.11, and the weekly pivot is 966.68. Price action above the daily pivot is bullish.
The $SPX’s normal trading range is projected to be between 973.12 – 986.12.
The $SPX’s extended trading range is projected to be between 968.15 – 991.09.
Specific price levels and projections are discussed on the charts below.
Short term 15 Min & 60 Min
60 min symmetry support is between 967.35 – 969.04. The Hourly charts break down with a 60 min close < 965.
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 2 week rally. The weekly oscillator turned bullish 13 Jul. A daily close < 926 and support slips to 892 on the weekly charts.
1014 would be a minimal 38.2% retracement of the all time highs @ 1576 Oct ’07 from the 667 March lows. Most other international bourses have already retraced between 38.2% -50% of their highs.
The current high point of the rally is a 316 point, 47% 21 week advance in the S&P to 982, 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.
Weekly prices remain bullish > 896. Longer term Fib support is 823 & 786.
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.
