Thursday, August 7, 2008

S&P 500 updated technical chart

Here is the updated chart. We are back at the lower trendline after breaking out yesterday. Proves this market is very good at having wild swings and why many are having a tough time judging this market. The important point to note here is that the FED day lows are still intact. Also, the bottom TL has provided support for the past two times. Will it break on the third try? Well, it is anyone's guess. Till then, I will be watching this chart closely for next actions.

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