Index Watch for August 28, 2009:
Index Charts S&P 500 Index ($SPX) -- The key areas of S/R on the Intraday Chart are 1040 and 1010. On the Daily Chart , the upper trendline continues to hold the index down. Nasdaq 100 Index ($NDX) -- The Intraday Chart has a clear Broad Pattern, which typically indicates the market lacks intelligent sponsorship and is out of control. The Daily Chart continues to push up, and I'm yet to spot a crack in the action. On the Weekly Chart , the upper trendline was touched Friday and failed, which is normal action on the first test. Russell 2000 Index ($RUT) -- On the Weekly Chart , the next significant area of resistance is in the 620 area. Bank Index ($BKX) -- On the Weekly Chart , the index will find resistance in the 50 area with support at 43.75 and 40. Dow Transports Index ($TRAN) -- The H&S is still in play on the Monthly Chart and has significant resistance in the 4300 area. The Weekly Chart has strong support at 3400. Gold Index ($GOLD) -- The Daily Chart has