| Short Term Chart Update of SP500 |
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| Wednesday, January 18, 2006 |
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Afternoon Update - SPX Update
The S&P 500 Large Cap Index (SPX) - Hourly chart
The SPX is in a wave (3) to (4) pullback. It looks like the SPX is filling the gap. Wave (4) has not been put in yet. So far the bullish pattern is not broken. The Aroon is in a bearish cross, and the stochastics and the PPO have not bottomed yet. Stick with the bullish trend. I recommend that you continue to stick with chart patterns that can go up regardless of market conditions. Right now do nothing, just sit on hands and manage your positions wisely at this juncture. Let us see if this gap holds and if the SPX can rally back above 1288.
$SPX
$SPX--From this mornings update
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