----- Original Message -----
Sent: Saturday, August 20, 2005 2:41
PM
Subject: [RT] sp 500
this is a reprint with permision
The S&P 500 is again testing support at 1220 after a sharp
fall on Tuesday [2] broke below the trendline, signaling a slowing of
momentum. The index has consolidated for the last three days in a narrow range
at the support level. Weak closes and lower volume on Friday [5] favor a
downside breakout; confirmation would be a close below Thursday's low. A
downside breakout would signal a test of secondary support at 1190 and
possibly primary support at 1140.
A close above 1240, on the other
hand, would signal resumption of the up-trend, with a target of 1280: 1250 +
(1250 - 1220).
