The following is Technical Analysis for the S&P 500 for 12/04/08
S&P 500 Support & Resistance Levels - December 4, 2008
Resistance Levels: 871, 897
Support Levels: 850, 845, 839
http://stockcharts.com - Chart
The S&P 500 is back over 850, a key battle ground lately. This is a level I have been watching for the past several weeks. When we break this level, we shoot to the upside, when we break this level to the downside, we plunge. Lately, the S&P 500 has based right around the 10 day moving average at about 839, this is where I have seen buyers step in. Another close below the 10 day moving average will be viewed as bearish and we could go down to test 800 again.
On the Upside, if we close above 897, I think you could see a huge rally to test 950 and above.
On the Upside, if we close above 897, I think you could see a huge rally to test 950 and above.
For the latest updates on the stock market, visit, http://daytradingstockblog.blogspot.com/ or Subscribe for Free.