I haven't updated the $SPX charts as much as the $NDX charts, the banking component collapsed this index below it's trendlines, making the charts less useful, but now you can see we are approaching a .5000 node anyway... That node is formally arriving around 4/7/09, but my vote is for just before that, mid March at earliest.
But keep the formal date in mind in case it takes that long for a bottom....
Note the crossover on the 1.382 charts, it occurs on 3/19/09, very close to the 1.000 node date for USO. That may also signal the bottom as it is acceptably close to the $SPX .5000 node at that point (.487). Remember from our Fibonacci work on an earlier posting today, we get 602 and 620 as probable bottom price targets. Looking at the 1.272 $SPX chart above, you should be able to visualise where that price and time window is...
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