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City Trades: S&P 500 (SPX)

Created:
8 October 2008
Written by:
Tarquin Coe

The US market is now deeply oversold, more so than at the major market bottoms in 2002/3 and 1998, says Tarquin Coe at Investors Intelligence.

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This condition is clear from the percentage of New York Stock Exchange shares trading below their 200-day moving average, now down to a mere 12 per cent. The S&P 500 is groping for potential Fibonacci support around 1077. Volatility will remain, but on a medium- to long-term view, investors should hunt for bargains rather than dump shares.

IC Trades are written by Investors Chronicle writers. City Trades are written by selected external contributors. Both are based on the interpretation of patterns on a share price chart, rather than on fundamental analysis of the company's business or prospects.

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