S&P 500 Chart – August 14, 2009

I charted the S&P 500 ($SPX) after the markets closed on Friday, August 14, 2009 when the SPX closed at 1,004.09.

This chart has a lot going on and it all points to more uncertainty. Stay tuned though, it’s interesting and should offer a solid clue of direction within the next few days. I drew four trend lines, A through D.

Line A – shows the line of resistance the SPX hit again recently at the trend line of higher highs. This line is going to be hard to cross.
Line B – shows a different trajectory (not as steep and easier to cross) where another line of higher highs turned into support.
Line C – shows the horizontal line that was resistance on a few occasions could be support if the SPX gets back down to it.
Line D – shows the line of higher lows which looks far away now, but could be back in place sooner than some think.

More on this topic (What's this?)

Economist Gary Shilling: S&P 500 will drop 43% this year? (Value Investing, 4/11/12)

The S&P 500 and the Money Supply: A Long Term Look (The Value at Risk, 7/15/09)

S&P Continues It's Commercial RE Downgrade Rampage (The Value at Risk, 6/30/09)

Sell in May and Go Away? No Way! (Wall Street Daily, 5/10/12)

Read more on S&P 500 (SPX), Hysan Development at Wikinvest

« « Sold FCX September 55 Naked Puts - | - Sold SSO September 32 Naked Calls » »

Comments Off

* If you like this post, then consider subscribing to the Full RSS feed or email updates.

DISCLAIMER: While I am a Registered Investment Advisor Representative, the information contained within this site does not constitue personalized investment advice. This material is meant as entertainment and is only a view into how I invest my own account, but not necessarily how you should invest your own funds. Trade using your own research at your own risk. This is impersonal investment advice which means the material written here, in email exchanges, on Twitter and/or other social networking sites do not purport to meet the objectives or needs of specific individuals or accounts.