ajtj99's Market Pulse

[ajtj99]

Here's what matters now on the SPX. The weekly chart. The rising support out of the March 2003 lows through the October 2005 lows was breached at 1275 SPX. That's bringing a test of the 50-SMA on the weekly at 1251 and the falling support/resistance line out of the March 2000 1553 high through the August 2000 high, which is in the same general area (maybe you have a more exact plot you could share).

http://stockcharts.com/h-sc/ui?s=$SPX&p=W&st=1999-01-27&id=p26670287482&a=47754649

If we get close to that line, I may put the employee fund back in the market for the first time since January of this year, but possibly only for a re-trace up to maybe 1295 by the end of June (prior to the Fed).

The SPX chart is looking like a H&S top with a possible test of the 1168 October 2005 low as the target in the fall.