Today's SPX . . .

Discussion in 'Technical Analysis' started by Apex Capital, Nov 30, 2005.

  1. Over the last 4 trading days, the SPX has retraced 38.2% of the rally from Nov. 10th
    A 50% retracement from Nov. 10th would target support coming in at the 1242.70 area.

    From the Nov. 15th low at SPX 1226.41 to the 1270.64 high on Nov. 23rd, a 50% retracement would target:


    A 61.8% retracement of the above rally would target 1243.30, which just happens to be roughly the early Sept. Highs.

    Should a slightly lower opening or test of the 1248.52 area Thursday morning not hold, look to buy a decline into the 1243.30 - 1242.70 area for yet another push back up to the highs in the first week of December.