EconomicGreenfield » S&P500 50% Retracement http://www.economicgreenfield.com America's Economic Future - A Discussion By Ted Kavadas Tue, 07 Feb 2012 16:23:42 +0000 en hourly 1 http://wordpress.org/?v= S&P500 Downtrend And 50% Retracement http://www.economicgreenfield.com/2009/12/04/sp500-downtrend-and-50-retracement/ http://www.economicgreenfield.com/2009/12/04/sp500-downtrend-and-50-retracement/#comments Fri, 04 Dec 2009 12:03:46 +0000 Ted Kavadas http://www.economicgreenfield.com/?p=993 The following chart shows a Weekly Log Chart of the S&P500 from 2007.  I have drawn a trendline from the October 2007 highs as well as a retracement indicator from the March 2009 bottom of ~666.  (Please note that the trendline and retracement both might be off by a “hair,” but this is relatively immaterial to the main message)

EconomicGreenfield SPX Weekly LOG TL and Retrace 12-3-09

Chart courtesy of StockCharts.com

 

The trendline is significant as it represents the downtrend line from the October 2007 highs.  As one can see, the current S&P500 price of 1110 is very close to that downtrend line.

As well, the current price is very close to the 50% retracement of the move from the S&P500 October 2007 high to the March 2009 low.  This 50% retracement is shown in gray and is at 1121.44.

 

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SPX at 1109.58 as this post is written

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