Monday, November 17, 2008

Tedious

We've been here before, and it's just as boring for me to write this as it is for you to read it.

The S&P 500 index is once again bouncing around inside of two converging trend lines. The chart below shows the closing price at the end of each trading day for the last two months.


The 850 price level has been a solid floor so far, and the neutrality of my market indicators turns out to have been prescient after all, because stocks have been without direction for more than a month.

So, in lieu of something more interesting to say, here's some entertainment courtesy of the late Donald O'Connor:

6 comments:

Cathy said...

Thanks.

That footage is anything but tedious.

Can't watch it and not smile.

John from Colorado said...

That's great stuff! Very fun!
John from Colorado

Anonymous said...

Does todays close mean more support for the S&P at 850? From a technical analysis viewpoint, does this indicate a coming uptrend, short bounce, or are we likely still headed downward?

Jody said...

Yes, 850 on the S&P 500 is holding for now in terms of closing price. However, the S&P must eventually break one of the two trend lines. When it does, then we will have a forecast to work with.

wooderson316 said...

and again, as soon as trends are made they are broken

Jody said...

Indeed! (S&P 500 just closing at 806)