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S&P 500--Monday Afternoon, March 16, 2009

Going back to this post uploaded just before the rally started last Tuesday... We saw support around the 2.058 fibonacci level and an inside day on Monday following a severely negative (from a sentiment and price level) Friday.

090316-1600-spday.gif

Still expect an eventual resumption of the downtrend, with a low around 580. Will resistance come in around 801?

Looking at it on an hourly chart.

090316-1500-sp1hr-a.gif

Possibility of market gravitating around the 1.618 (745) level, the low in January and late February, right before the last thrust down.

Posted by Pure Guesswork on March 16, 2009 6:13 PM |

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