Tuesday, June 25, 2013
SPX Weekly Chart Identifies 1580-1590 as the Weekly Close Number Line in the Sand
The long-term weekly chart shows that the market bulls are okay, and can keep the hopes of higher all-time highs on the table, as long as the SPX stays above 1580-1590 on a weekly closing basis. Last week's close is 1592 teasing this metric. Current print is 1573 well under the 1580-1590 but there remains four days in the week before the final number is printed at 4 PM EST on Friday. If the SPX starts printing one or two weeks with the weekly close under 1580-1590, the markets are toast. Therefore, the next four days of trading are very important. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.