"If I have not seen as far as others, it is because giants were standing on my shoulders." -- Hal Abelson
Friday, August 19, 2011
Lines on Charts: S&P Support Levels (SPY; SPX)
These are not the most powerful supports I've ever seen, there's still a lot of air under the market but this may be more useful than Fibonacci retracement levels.
From Alpha Global Investors: SP 500 chart update, what you need to know
(click to enlarge)
SP 500 chart, what you need to know ;
1) Weekly chart (focus on the long term picture)
2) LT picture STILL looks fine ; typical retracement after such a long rise
3) Focus on that key support and probable scenario (purple arrow).