Tuesday, March 17, 2009

S an P 500 Chart Market Consolidation March 17

The blue and red lines are starting to come together indicating a consolidation of the recent down trend. The thing to watch here is the green line. It is currently sloped down. As long as it remains sloped down the market is still vulnerable to the downside on a short term basis.

It should be obvious that hard resistance is up near 800, and hard support is down near 666.

We used the June S and P 500 futures chart this time around.
clipped from charts.barchart.com
Chart for S&P 500 INDEX June 2009
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