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Chart of the Week: 6 Month SPX chart

Posted By Barry Ritholtz On January 29, 2004 @ 12:56 pm In Finance,Media | Comments Disabled

On a short-term basis, the S&P 500 broke a trading channel and with short-term momentum weakening there is some near-term risk to correct towards the 50-day MA just under 1,110.

6 Month SPX chart
spx_break.bmp
Source: Bloomberg

Technimental’s Kevin Lane notes that “Given the strong tape action along the away, this corrective activity is likely to be modest; However, there has been minor trend lines on the S&P 500 violated and some internals that are weakening.”

Random Items:
The Super Bowl Indicator [1]
The Paradox of Progress [2] (Dallas Fed Reserve) pdf
Breaking the oil cartel’s stranglehold [3]
The Pentagon’s Weather Nightmare [4]
J.P. Morgan Chase-Bank One Merger: Winner or Loser? [5]
The Most Hated Company In Tech [6]
China’s Ranking of World Universities – 2003 [7]

Quote of the Day
“Given the sluggish job growth and the virtual absence of inflation, the Fed has no reason to tighten monetary policy for quite awhile, regardless of the electoral calendar [8].”
- Alice M. Rivlin [9], former vice chairwoman of the Federal Reserve


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2004/01/chart-of-the-week-6-month-spx-chart/

URLs in this post:

[1] The Super Bowl Indicator: http://snopes.com/business/bank/superbowl.asp

[2] The Paradox of Progress: http://grift.com/churn.pdf

[3] Breaking the oil cartel’s stranglehold: http://www.hedtk.com/harpers.org/SeizingArabOil.html

[4] The Pentagon’s Weather Nightmare: http://www.fortune.com/fortune/technology/articles/0,15114,582584,00.html

[5] J.P. Morgan Chase-Bank One Merger: Winner or Loser?: http://knowledge.wharton.upenn.edu/whatshot.cfm

[6] The Most Hated Company In Tech: http://www.businessweek.com/magazine/content/04_05/b3868104_mz063.htm

[7] China’s Ranking of World Universities – 2003: http://www.memefirst.com/000289.html

[8] electoral calendar: http://www.nytimes.com/2004/01/28/business/28place.html?ex=1390626000&en=7a04a3a8441cd706&ei=5007&partner=USERLAND

[9] Alice M. Rivlin: http://www.brook.edu/scholars/arivlin.htm

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