S&P’s Weekly Analysis

January 24, 2010 · Posted in SuperBars · Comments Off on S&P’s Weekly Analysis 

Jan. 24, 2010

S&P made a Swing high of 1576 in October 2008 and a Swing Low of 666 in March 2009. S&P closed at 1091 on Friday, Jan. 22nd. Friday’s Close is just below the 50% level of the range from 2008’s SwingHigh and 2009’s Swing Low. There were two major trend-cycles in 2009. The first cycle started in late March 2009 and the second upcylce started in 3rd week of July 2009. Both these cycles are shown by the SuperBars. Last week’s decline did not deter the up trend as price prints green SuperBars. A close below 1030 or so may trigger the SuperTrend to turn pre-bearish to Bearish signal. Most bounces/rises from the sharp sell-off are either very shallow (< 38% bounce) or strong (>=62%) of prior swings. If the up trend is not broken in the next few days, S&P’s next target may be 1228-1250 area in the next few weeks.

Pl. see my Jan. 17th Price and Time Confluence post for downside targets if the downtrend continues.