Friday, March 20, 2009

Looks like a reversal

The S&P 500 index has broken below the lower trend line of its confined two-week rally. The declining tops trend line at 800 shown in the previous post has held for now. I think this is the end of the sucker rally, and the beginning of a retreat that will take the S&P below the previous low near 670.

1 comment:

Anonymous said...

Geitner's plan led to a bounce today... wonder if that will mean a continuation of the rally, or just another big drop?