A new chart technology…

2010-07-20spx

Bear with us (did we say b***?!)  just a minute while we try to improve the charts.

This week may tell us whether we have a containable downwave, or the beginnings of a serious downtrend.  We now have 5 days on the latest downwavelet and we are waiting to see if the July low will be taken out.  The short Basing Points are marked for anyone who is short.  Generally we use a 3% filter to set the stop above short Basing Points.

Price in the 7 day upwave ran right into the downtrend line and spooked at the horizontal resistance line.

Below here is a link where the chart may be seen full size, at stockcharts.com.  We are in the process of switching over to stockcharts from the old prophet.net charts.

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p69418865904&a=203282118

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