There are a multitude of analysts willing to parse the market down to the minute and tell us the meaning of it all.  Sometimes stepping back and looking at the big picture can stop a person from following a rabbit trail rather than the main highway. 

Right now, the SPX is boxed in between 1130 upper resistance and the 200-day moving average just below at 1092.  The preponderance of evidence on the weekly charts show that the break will be down, rather than up.  The results may be very similar to the same event that happened in March 2002.  The chart shows a virtual waterfall into the July low.

This week will likely tell us all we need to know.  Let the rest tell you the hows and whys. The facts speak for themselves.

© 2004 Anthony Cherniawski
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Anthony M. Cherniawski
President and CIO
The Practical Investor, LLC,
State Registered Investment Advisor
East Lansing, MI USA
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