The following is Technical Analysis for the S&P 500 ( IXIC ) for 3/24/09, 3/25/09S&P 500 Support & Resistance Levels - March 24, 2009, March 25, 2009
Resistance Levels: 824, 840, 868, 875
Support Levels: 810, 804, 800, 789, 770, 766
The S&P 500 broke up through and closed over 800 yesterday, this level now becomes support. As you can see from my downtrend line, the S&P still has further room to rise on a technical basis. As long as the S&P stays above 800, I could see it rising back to the 850-870 level with no problem. The minute we get a close back under 800, you need to started getting cautious as the S&P would then be testing the 50 day moving average again. Things are going to get real interesting in the next 5 or 6 trading sessions!! 800 is your line in the sand. For More Technical Analysis - Go Here
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