Friday, August 7, 2009

SPX- 8-7

Looks like the expanded flat scenario has been invalidated. What it is at this point is a difficult read.

I think it may be safe to say that Minor A was not complete. Regardless, 1014 appears to be providing strong overhead resistance. This level is in line with a 38.2% retracement of the entire move down from the Oct 2007 high to the Mar 2009 low. That could very well be the top for Minor A.

Here are the other retracement levels:

1120 = 50%
1228 = 61.8%

Let's see what happens.

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