Friday, August 15, 2008
S&P 500 as on 15th Aug 2008
In my last post I thought S&P 500 Futures could go to 1350 at most as it was the 200 Period SMA and 61.8% retracement of the previous downtrend but it did not. In fact it retraced from about 50 % retracement level and also the the ascending triangle that was forming is no more - there is a rising channel now. In order to remain in game, the bulls need to conquer 1350 as soon as they can otherwise it can lead to new lows. The support of the uptrend is at 1272 today.
The resistance of downtrend line (not shown in the chart) is also holding and today can be another test of that line.
Disclaimer: My "analysis" here is analysis in letter and spirit and should not be taken as "trading advice". Trading in Stock Markets is full of risks and one should consult professional advice before initiating any trade.