$SPX Weekly thoughts 21 Oct

Discussion in 'Trading' started by tradingpoints, Oct 21, 2008.

  1. This current weekly chart of the $SPX puts the current rally into perspective - measured from the Oct 07 top.

    Should there be a weekly close above 1023, this would make the current rally from the 839 low, the largest weekly rally since the Oct 07 top.

    While there are several fib levels that the current rally could potentially fail at along the way - there is a standout cluster of weekly resistance between 1117 and 1140.

    A daily close above 1006 would target 1093 - 1155 on the weekly charts. Conversely a weekly close beneath 917 targets much lower prices - 784 to 713.