Thursday, July 26, 2007
Current Support Levels on S&P 500 (July 26, 2007)
The S&P 500 ($SPX) seems to be lining up perfectly with support and resistance. $SPX is now at 1482. There's resistance at around 1486. Support levels appears to be at 1464 (today, the $SPX nicely bounced off this support), and if it gets worse, we have the 200 day moving average at around 1447.
Don't be surprised if $SPX re-tests 1464 and decides which direction it really wants to take.
To look at the charts in another way, see this article on the $SPXA50R and $SPXA200R bottom technical indicators.
If we do break down below 1464, we may yet have a possible ABC Correction (mentioned in June 2007).