SPX Technical Analysis

Still Looking good for Recent Buy

The SPX opened this morning with a downside gap that is likely to fill. Today's early drop is a perfect retest of the downtrend line R1. Now I'd like to see a late day rally above NL?, closing the gap and confirming a Head-and-shoulders bottom (HSB. This would imply a big Monday rally to well over 1000. Having said that, Intraday charts are far less reliable than daily charts so we'll see how it goes. Nobody ever said buying bottoms was easy...

Sincerely,
Steve Hunter, ULTRA Financial Systems LLC