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Chart of the Week: SPX

Posted By Barry Ritholtz On September 14, 2004 @ 10:17 am In Finance | Comments Disabled

The S&P500 has been stuck in a broad trading range since late 2003. A close over 1130 would mean that this range has been broken. That sets up a leg upwards into the new trading range.

SPX at the top of its recent Range
click for larger chart
Spx_91304_annotated [1]
chart courtesy TC2000

The lower end of the range is 1050 or so; A failure at the 1130 level sets up the following possibilities: a retest of the recent lows; a partial retracement; a fresh attempt at breaking that resistance. We will keep you informed as soon as we have a strong conviction about which is the most likely outcome . . .

Random Items:
Keep an eye on the yield curve [2]
Journal Aims to Be a Weekend Warrior [3]
Monetary Policy Alternatives at the Zero Bound [4]
Microsoft Aims to Unstick ‘Laggard’ Label [5]
Investors on Alert for Earnings Warnings [6]
Neocons: Oh-for-Twenty-One [7]

Quote of the Day:
“Decisions determine destiny.”
-George Patton [8], General U.S. Army (November 11, 1885 – December 21, 1945)

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

URL to article: http://www.ritholtz.com/blog/2004/09/chart-of-the-week-spx/

URLs in this post:

[1] Image: http://bigpicture.typepad.com/photos/uncategorized/spx_91304_annotated.gif

[2] Keep an eye on the yield curve: http://cbs.marketwatch.com/news/story.asp?guid=%7B3689FAAB%2DBEDA%2D4A42%2DB537%2D14DE72FC4774%7D&siteid=mktw

[3] Journal Aims to Be a Weekend Warrior: http://www.latimes.com/business/la-fi-dowjones12sep12,1,6711189.story?coll=la-headlines-business

[4] Monetary Policy Alternatives at the Zero Bound: http://www.federalreserve.gov/pubs/feds/2004/200448/200448abs.html

[5] Microsoft Aims to Unstick ‘Laggard’ Label: http://www.thestreet.com/tech/ronnaabramson/10182487.html

[6] Investors on Alert for Earnings Warnings: http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=6211975

[7] Neocons: Oh-for-Twenty-One: http://shrillblog.blogspot.com/2004/09/martin-sieff-scores-neocons-at-zero.html

[8] George Patton: http://en.wikipedia.org/wiki/George_Patton

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