Though there have been some ups and downs within the support and resistant lines, the S&P has been in an overall downtrend since October.
From late January up until now, it looks like a sideways movement.
In the past couple days it's been dropping.
I think even if the S&P will hit Simon's predicted mark, based on peformance so far in 2008, we're in for a drop shortly after.
It's too early to say which direction the market will go until it breaks some trend lines....particularly the ones being formed since March 17th as shown in Simon's graph. I predict it will drop below 1260 before May 10th. Let's make this interesting. If it breaks 1411, I'm buying you dinner Simon. If it falls to 1260, you can buy me one of those red bean paste fishes from Japantown.
Looking forward to it.
Brian
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