I am spending more time on the SPX short term, but the chart is interesting. SPX Daily
The market is still hovering around 1850. There is a confirmed short run downtrend
underway with a slight oversold reading. But as you can see, SPX 1850 has turned from
being a resistance level into support. There was no reassuring bounce today, but some
players will like the fact that the SPX is holding the new support and has not broken down.
- Peter Richardson
- Retired chief investment officer and former NYSE firm partner with 50 plus years experience in field as analyst / economist, portfolio manager / trader, and CIO who has superb track record with multi $billion equities and fixed income portfolios. Advanced degrees, CFA. Having done much professional writing as a young guy, I now have a cryptic style. 40 years down on and around The Street confirms: CAVEAT EMPTOR IN SPADES !!!