S&P trend lines to watch in the new year
Updated
Another big picture view like my idea on the NASDAQ. Right now, it looks like on the monthly that the S&P has been testing the the purple trend line, but no success. From the looks of it, there is still a good size drop to come down to at least the bottom of the blue channel ($350) to test previous low, maybe even the center line of the purple channel around $325. Let's hope that holds, because if the dot com crash or the financial crisis repeat, then we could still fall all the way down to $240 range.
Weekly with 20 and 200 SMA
Daily with 20 and 200 SMA
Weekly with 20 and 200 SMA
Daily with 20 and 200 SMA
Note
Test of 20 day sma rejected
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