To: Friends
Subject: thought you all might find this interesting
rule # 1 in technical analysis is support becomes resistance and vice versa. I drew this chart in early April (dont remember if sent it out before or not), but it's updated with the latest price. The trendlines I have not touched since creation.
I find it very interesting where the latest rally has stopped (right on trendline). That would be the 8th touch of the trendline which makes it a very valid and important trendline. What I will look forward to is this trendline to reject the next (and final) rally once this correction completes. The trendline is currently at 965. Also, the blue trendline could be a good target for this correction (currently at $800). If nothing else they should provide some resistance/support.
http://stockcharts.com/h-sc/ui?s=$SPX&p=60&st=2008-09-30&id=p45390708552&a=161886663
later.
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