Monday, March 02, 2009

Technician Forecasts 600 Market Bottom for S and P 500 Index


Do we have a tech "guru" in the house. How about a Gann expert?

I didn't actually hear this first hand, I read it on the Internet.

A technician at Credit Suisse is forecasting a market bottom for the S and P 500 with a target price of 600-605.

I took a look at the market and I can see where he is getting this. Back in 1995 after breaking the 600 level for the first time the S and P went back and forth against that level for about a year and a half. Looking at the chart, 650 also looks like a formidable area. We could hit either or both of these areas this week.

I can't find my tech "guru" but 603 also looks like a Fibonacci number and a possible reversal point.

Do we have a tech "guru" in the house? How about a Gann expert?

What do you think?

I picked up this thread on Across the Curve.
clipped from charts.barchart.com
Chart for S&P 500

blog it


Subscribe to EF Hutton via Email


Bob DeMarco is a citizen journalist, blogger, and Caregiver. In addition to being an experienced writer he taught at the University of Georgia , was an Asociate Director and Limited Partner at Bear Stearns, was CEO of IP Group, and is a mentor. Bob currently resides in Delray Beach, FL where he cares for his mother, Dorothy, who suffers from Alzheimer's disease. Bob has written more than 500 articles with more than 11,000 links to his work on the Internet. His content has been syndicated on Reuters, the Wall Street Journal, Fox News, Pluck, BlogCritics, and a growing list of newspaper websites (15). Bob is actively seeking syndication and writing assignments.