October 26, 2010

S&P 500 Analysis after closing bell

  • The daily Chart is showing a Shooting star candlestick pattern. If we consider it as a doji then it becomes the variation of the shooting star that is the Grave Stone Doji. Both are bearish when seen at the top of the trend.
  • Real weakness will be seen if the price starts trading below 10 dma and makes a successful close below this moving average. But a close below 10 dma will be viewed with suspicion by the bears because every time the bulls managed to come back from this level.
  • Lets see if the bears are able to follow up with their selling tomorrow. 

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