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Playing the Ponzi
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Why “Playing the Ponzi”? I view the entire monetary and financial system as something of a Ponzi scheme. Starting with currency that is created as debt, and running straight through a global economic model that is based on infinite growth in a finite world. This won’t end well. I’d go a... More
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Playing the Ponzi
  • Near critical technical support for S&P? 0 comments
    Aug 2, 2011 10:46 AM | about stocks: SPY

    The S&P is nearing critical technical support.  It is flirting with its 200 day moving average (blue dashed line), along with a trendline that has traced along recent bottoms.  On a linear chart (below), it is also flirting with breaking the longterm support trendline from the 2009 bottom.

     

    On a logarithmic chart (below), the S&P broke under its 2009 support trendline months ago (white circle) and has established a down/sideways trend.  Whether you prefer the linear or logarithmic chart, the recent sideways trendline (heavy dashed)  is probably pretty important for the index to hold.

    A break doesn't necessarily indicate imminent disaster, but it would indicate that the current trend is down, not sideways, imho.

     
    Themes: s P 500, index, technical analysis, support, trendline Stocks: SPY
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