Chart of the Week: SPX (one year)

As the chart below reveals, the S&P500 has been suffering in a downtrend all year. Friday’ action finally broke the index above that trendline. Similar charts of the Dow and Nasdaq, however, do not show a breakout (yet).

SPX Chart (one year)
click for larger chart

Spx_break_out_1_year_100404
Source: IQ Quotes

Whether that breakout sticks will likely be determined by a few economic releases this week, most notably Friday’s Employment Situation report.

Random Items:
Election? What election?
The looming national benefit crisis
The Dragon and the Eagle
This Way To The Future
Haute Con Job
Horse Racing and the CIA

Quote of the Day:
“In the realm of ideas, everything depends on enthusiasm; in the real world, all rests on perseverance.”
-Goethe

Print Friendly, PDF & Email

Posted Under