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[Previous entry: "Nasdaq Intraday support."] [Main Index] [Next entry: "S&P at important support."]
11/02/2003 Archived Entry: "S&P Consolidation."
Click for chart.
The attached chart shows the S&P daily (to the right) and 30-minute (to the left).
The 30-minute charts shows a clear consolidation channel with a 10-point range from approximately 1043 to 1053. Until the market breaks out of that channel, we get more slop and frustration. The 10-point range is great if you can catch the turns and not have severe whipsaw along the way, I wish you well.. The daily chart shows a potential double-top, and the daily tend is trying to cross up. The market needs to take out prior highs of 1053 before it can look bullish again. I've marked near-term and longer term support levels on both charts, look to cover shorts or enter long if the market shows a bounce at these levels.
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