chart for monday

A chart showing where we are might be appropriate as we approach the end of financial year week:

This is a daily chart from January 2, 2008 till Friday June 20, 2008

INDICATORS:-
VOLUME- average. Suggests a lot of fence sitters abound
RELATIVE STRENGTH INDEX (RSI) Average at 51.9. Above 70 is overbought, under 30 oversold.
ON BALANCE VOLUME (OBV)small cossover to a downtrend, indicates volumes might be getting thinner and a downward reversal possible.
DIRECTIONAL MOVEMENT INDEX (DMI) Slight cross over pointing to weakening of price trend. Below 20 weak is a weak trend; above 40 is strong trend. Currently at 16.4
MACD: Apply a magnifying glass to see the trendline cross up thru the signal line. Still ever so slightly in the minus histogram at -0.16. Not decisive enough.
MOVING AVERAGES: Finished dead on the yellow line 20-day, but above green 9-day. Improving.
FIBONACCI: Drawn from January 21 low to May high. SP has retraced to 23% level which is OK, but is also a possible right shoulder for a bearish downtrend.
If the price moves up, then $47, $50 are the obvious targets.
If it drops and fails the 50% retracement around $40, next levels would be $38, and right back to $31 if the economy is in tatters, forming a double bottom ripe for reversal.