Likely targets for SPX (March 23, 2009)

Update 2: SPX should go to 828 then to 866 if we manage to break 806 with conviction (Chart #2).
Update 3: Another scenario is A-B-C with today as a fake (Chart # 3).



I was just curious where SPX could be going next. XLF has held up well last Friday and the VIX showing a shooting star candle stick pattern.

Here is a chart of SPX showing some possible targets within these few days. I think most likely we will head to the 780 - 790 area or 820.

I think the 20 MA needs to catch up with the price action for some form of support. So I favor hitting the 780-790 area first and then reversing towards the 20 MA for some support. Most likely the 20 MA will meet up with the candlesticks at around 732 or 750.

So lets see how this play out on Monday.

Chart #1:

Chart #2:
Chart #3: Possible A-B-C...Maybe