Index Watch for September 8, 2009:
Index Charts S&P 500 Index ($SPX) -- On the 60 Minute Chart , there will be minor resistance at the R/S and the Stick Highs of 1040 with support at the potential Neckline. I was having a difficult time getting a read on the Daily Chart so I cleaned it up. The key S/R levels are updated. Nasdaq 100 Index ($NDX) -- It caught a bid at the Neckline on the 60 Minute Chart . In the short term, it's going to run into minor resistance at the R/S and the Stick Highs with initial support on another test of the Neckline (i.e. 2nd test). The Daily Chart looks the same as last week, but I updated the key S/R points. On the Weekly Chart , the downward sloping trendline continues to hold the price down. At some point in the near term, I think it's going to break over. When it does, it will likely explode up for a test of "former" trendline support, which appears to be in the 1680 area. That would be a good spot for intermediate term traders to take initial profits on any ope