The 1987-2000 range of the SPX shows the 50% retrace line about 20% below today’s close at 883. This will be a retest of the 2002 lows.
A move to the 1×4 Gann Angle would be an additional 10% which is below the bear market low near SPX 795.
The 3/8 line is just below at 1050 and this may be the low, but at this time it does not look like it.
The 2002-2007 range of the SPX shows the 1×4 Gann angle as support near SPX 1000.
The 2002-2007 range of the Nasdaq Composite also shows the 1×4 Gann angle around 18% below. Price ended the day near a 50% retrace of this range.
Tags: Nasdaq Charts · Standard and Poor's 500 (S&P500)No Comments
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