- S&P 500 daily chart has given a shooting start pattern.
- Shooting star pattern is a bearish reversal pattern.
- But Bearishness can be confirmed only with a gap down the following day. In this case if SPX opens and trades above 1242 it may not look bearish.
- CCI indicator and Price is showing negative divergence. But this one too need confirmation.
- But if the index opens and sustains above 1242 these negative price action may not show its effect. A gap down may help the bears.
My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
December 14, 2010
S&P 500 Analysis after closing bell
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