SPY - 29 Sept 2008

Yesterday's drop of SPY broke many records, there is a lot of fear in the market at this stage. My analysis on SPY shows that, there is not much resistance to fall to 97, 106. The index is badly damaged here...


A rebound will face resistance at 113.5-114, 116, 117.5. If we manage to get above some of these resistances, at least that will provide some support.

My analysis is based on the short term, a lot of funds would have got out of their 2006 positions by now. So no point looking at the 5 year chart.