We have a BUY signal from the close of 8-28-07 for a short term trade. Next week has an up bias into mid day Thursday then it begins to have a down bias. At the next four day cycle low buy signal a low risk buy set up is favored. Next weeks price projections are; up cycle high 1490 low 1466. The alternate projections are high 1478 low 1454. Not trading below 1466 targets 1490.
The chart today displays the SP_500 advance - decline cumulative line. Technically we like to see the AD line leading price. Notice price is up 61.8 retrace and the AD line is only up to the 38 percent retrace? That is a technical warning sign to pay attention to.
Looking at the 60/120 minute charts we have a minor sell set up as the 120 has topped and the 60 dropping sharply. An early weekly low near 1466 to 1454 is expected.
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