Monday, October 19, 2009

SPX- 12 YEARS OF SUPPORT AND RESISTANCE




APPL! What a company! $1.67 billion, or $1.82 a share, on revenue of $9.87 billion for their fiscal Q4. Wow

It makes you wonder if the consumer is truly doing poorly? Or is the consumer suffering from depression and just spending away, denying reality?

I digress... My latest chart highlights the past 12 years. It appears that ~1165 has served as a very solid support and resistance level, which is a level that we are fast approaching.

It is also interesting to note that the bearish trendline from the Oct 2007 top converges with this level along with Intermediate wave (C), given (C) = (A).

We are very close. A break above this level and I may just have to look at this alternative count again:

http://waveprinciple.blogspot.com/2009/08/cycle-wave-c-nearing-completion.html


Granted, this wouldn't truly be considered until the Oct 2007 high (1576.09) is taken out.

0 comments:

Post a Comment