S&P 500 Chart – June 19, 2009

I drew this year to date (YTD) of the S&P 500 (SPX.X) chart after Friday’s close when it was finished the week at $921.23.  I might have gotten a little line crazy on it and hope you can still see where I’m going with my following points.  I drew two trend lines of higher lows that started in February and March.  The shorter one broke support this week, but the longer one offered a new spot of support.  The upper trend line of higher highs seems a long way away right now, but was worth drawing for perspective. 

I think the most interesting line is the horizontal line that starts with the 2008 closing price of 903.25.  It’s interesting because we saw support come from that line when the SPX saw an intraday low of 903.78 this week.  That was just a hair above the 50 day moving average to make the bounce all that more believable that it could hold for longer.  The horizontal line below that is the next point of potential support if this first one breaks.  It’s sitting around 877/878 and marks previous support and resistance points over the past six months.