$SPX Weekly Chart Analysis 090106

The market found resistance at the 1.618 fib level. We are either in a wave 4 or wave B type of pattern. Wave 4 indicates higher high to come; Wave B indicates resistance at testof high for lower.

The weekly chart currently shows no sell pattern; it does however, show that we should be on the lookout for a possible sell pattern showing up.

Monthly chart looks strong with no sell signal as of yet.