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| All the major US indices were negative. Last week we suggested that Dow Jones Industrial Average does not have many chances to advance, and it dropped 78.51 points, or 0.62%. The Standard Poor's 500 Index lost 8.32 points, or 0.58%, while the Nasdaq Composite gave back 15.82 points, or 0.65% for the week. |
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| Oscillators | Trend Analysis | | Symbol | Daily | Weekly | Daily | Weekly | Mtly | Qtly | Yrly | | SPY |  |  |  |  |  |  | | |
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S&P 500 Long-term perspective:
The S&P 500 index monthly uptrend that started on 6/14/2006 has a five waves impulse structure. Price is near the monthly uptrend support line. The chances are high that S&P will soon break the support line and move down toward the multiyear support. |
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| S&P 500 - Long-Term Trend |  |
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S&P 500 Short-term perspective:
The current weekly wave is forming a rising wedge pattern. The rising wage is a triangle formation with noticeable slant to upside. It represents the loss of upside momentum on each successive high and has a bearish bias. Rising wedges usually marks the reversal in uptrend. |
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| S&P 500 - Short-Term Trend |  |
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