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[RT] Fw: [TimeandCycles] SPX update



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----- Original Message -----
Sent: Wednesday, April 02, 2008 11:17 AM
Subject: Re: [TimeandCycles] SPX update

I'm also including an SPX weekly (attached) that shows a need for consolidation at current to slightly higher levels.  I love technical analysis, however, fundamentals can't be ignored here.  Longer term the US economy faces a lot of drag coming from housing and related sectors for a few quarters to come.  Counterweighting that is the immense short term stimulus that has been thrown at the economy.  Short term, these surges higher have been met with retracement.  Upcoming banking news releases will be telling (writeoffs, outlooks, etc.) as to the health of that sector, which is highly weighted in the SPX.  Open ended commentary from the banks will mean another quarter or more of "uncertainty" about the need for future writedowns.  Let's also not forget that the bond insurers have not totally solved their problems, though recent Fed window opening to the investment houses should help alleviate strain on the bond insurers in the near term. 

----- Original Message ----
From: Edward Kurtz <edalkz@xxxxxxcom>
To: timeandcycles@yahoogroups.com
Sent: Wednesday, April 2, 2008 9:51:04 AM
Subject: [TimeandCycles] SPX update

The markets have great momentum for the moment, but how long will it last?  The SPX is approaching lots of shorter and longer term resistance as the attached chart demonstrates.  Friday's unemployment report will be a near term fundamental catalyst for market watchers.  Please feel free to chime in......

Ed


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Attachment: Chart of $SPX weekly.gif
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