S&P 500 (SPX) – Where is the Defense?

If the bulls are going to defend the support level at 1,105 they better mount an attack soon

SPX S&P 500 (SPX)   Where is the Defense?




S&P 500 (SPX) Index Chart

Friday’s close left us with a topping doji pattern which is still sitting underneath two important resistance levels.

Full wrap up video later today.

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SPX Chart

SPX Chart




SPX – S&P 500 Cash Index Charts

As discussed in last nights video update:

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Daily Chart:

SPX Daily Chart

SPX Daily Chart

Hourly Chart:

SPX Hourly Chart

SPX Hourly Chart

SPX – S&P 500 Chart

Current analysis of the S&P 500 (cash) index.

At this moment the market is being held back by the down sloping trend line (1). That resistance level today is at 923.

Next resistance levels of particular importance are the mid peak (from July 1, shown with red horizontal dotted line). That level is 930. And the next is the long channel (blue lines) which today that resistance level is 939-940.

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SPX Chart

SPX Chart

More on this topic (What's this?)
33 Dividend Champions to Consider
S&P 500 Signals Danger!
Read more on S&P 500 (SPX) at Wikinvest

S&P 500 (SPX) Chart Analysis – Hourly Chart

This chart is the S&P 500 (SPX) Cash Index

The chart shows short term resistance and support levels.

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S&P 500 Chart (SPX)

S&P 500 Chart (SPX)

Chart Updates – S&P 500 and Dow Industrial Average

The key word for today is “broken wedges“.

The long watched ascending wedge patterns have finally broken to the downside as those patterns predict. Next we watch for a closing print ‘below’ the wedge and then watch for any ‘re test’ of the bottom wedge line.

Right now the break of the ascending wedges which have been so prevalent on so many charts is significant.

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S7P 500 SPX Daily Chart

S&P 500 SPX Daily Chart

S&P 500 E-mini Futures - Hourly Chart

S&P 500 E-mini Futures - Hourly Chart

Dow Industrial Average - Daily Chart

Dow Industrial Average - Daily Chart

More on this topic (What's this?)
33 Dividend Champions to Consider
S&P 500 Signals Danger!
Read more on S&P 500 (SPX), Dow Jones Industrial Average (DJI) at Wikinvest

Pre Market Charts – S&P 500 Futures and SPX

Pre market futures have dropped for a second consecutive night. S&P 500 futures currently down 1.8%

Looking for a pullback in the financial sector (XLF) at the open on news that Citigroup and Bank of America needs more money.

Today’s schedule:

9:00am Feb S&P/CS Home Price Index (last 146.4) Composite-20 y/y (last -18.97%)
10:00am April Consumer Confidence (last 26), April Richmond Fed Manufacturing Index (last -20)
1:00pm Treasury’s 5-yr note auction
4:30pm API Crude Oil/Gasoline/Distillate Inventories
Earnings:
Before the Open: CAS, ADLR, AG, AMB, AMFI, AMED, AEE, ECOL, AM, AXE, ARM, AVY, BDX, BMS, BCO, BMY, CRS, CE, CNC, CCE, CVG, CPO, CVH, DIN, ELNK, ECL, EME, EVVV, FMER, FPL, BEN, FDP, GKSR, GPI, HCP, HL, HSII, HSP, IPG, JEC, KDN, KELYA, KLIC, LDR, LAZ, LCAV, LVLT, LECO, MHP, NXY, NWPX, ODP, OXPS, ORB, GLT, PCAR, PMTC, MALL, PAG, PCZ, PFE, PCH, QLTI, RDWR, COL, RTI, SMG, SSW, SPAR, STFC, TECH, TFX, TLAB, TPP, X, UA, VLO, VSH, WDR, WAT.
After the Close: ACE, ACTL, ADVS, ATAC, ANAD, AJG, BLDP, BBSI, BEC, BTUI, BKI, BWLD, COG, CRI, CBI, CERN, CTV, CCUR, CSGS, CTS, DAC, DBTK, DWA, ETFC, EGP, EHTH, EAC, ENTU, EXAC, FALC, FIS, HTZ, HTCH, JLL, KEYN, LIFE, MEE, MRCY, MMSI, MEOH, MPWR, NLC, NATI, NAL, PNRA, PEET, PFWD, PRAA, PSYS, QCOR, RSYS, RFMD, RCKY, SBX, SMTL, SSTI, SRCL, SUMT, SUNH, JAVA, SDXC, TSS, TRMB, TRMK, ULTI, USNA, USU, VFC, VIGN, VISN, WTS, WBSN, ZRAN.
4 28 2009 8 09 30 am Pre Market Charts   S&P 500 Futures and SPX
4 28 2009 8 12 29 am Pre Market Charts   S&P 500 Futures and SPX

Monday Charts

Little time this morning for extended commentary.

The market opened this morning with a gap down across all major indices from Friday’s close. At this time weakness prevails in man market breadth indicators.

The following charts are for the S&P 500 (cash index SPX)

4 27 2009 10 00 06 am 300x255 Monday Charts

4 27 2009 10 03 41 am 300x254 Monday Charts