Note that 770 is a 50% Fib retracement off the all-time high. The next next Fib support is around 650...
March 12th and new lows are made for this current move. The Daily chart made a potential reversal candle(hammer); caveat emptor.
These are NOT predictions. Just observations. So you prefer the drivel that goes on at this message board all day? I'm just looking at the current state of the market. You have something to add?
<IMG SRC=http://www.elitetrader.com/vb/attachment.php?s=&postid=218382> Break zone on monthly scale at 757.57 theorically on my model (label in cyan color) . At the moment we have just bounced from the bowl of 789.43 theorically with the low we made today. Be careful the number on monthly scale are much less precise than for intraday. And I don't follow SP but Dow so it's just to give an idea of the next target at 588 if 757 is broken.
1.prediction (pr-dkshn) n. Something foretold or predicted; a prophecy. 2.observation (bzr-vshn) n. The act of noting and recording something, such as a phenomenon, with instruments. Just because you do #2 doesn't mean you're doing #1. If you don't understand the point of #2 then I'm not sure you'll be able to understand very much at all.