Monday, December 15, 2008

Bigger Picture and Support Levels; Dec. 15, 2008

It's always good to keep an eye on the bigger picture. Above is a 15min chart of the S&P and it shows where Friday's panic lows are. Those levels should hold because we rallied strongly off them immediately and to build on that momentum we need to stay above those levels. Ultimately, a strong break of 820 will negate the projection of the S&P to get to 950. As long as we remain above those support levels, I see this market as bullish with a target in the 950 area.

No comments: