SP 500 End of day analysis

FALLING WEDGE

DAILY CHART

DAILY CHART

DAILY CHART

• SP 500 ended the day as a doji day the candles stick pattern that tells us that the bulls and bears are not sure about the direction.
• For the second day the index closed above the 200 day moving average.
• The charts suggest that the move from 1040 is study without any major retracements.
• It looks like the falling wedge break out has some more price movement left on the upside.
• There was an intraday dip due to the hourly negative divergence . But the correction was not up to the levels which was expected because of a prominent negative divergence.