HOUR CHART
DAILY CHART
- S&P 500 Hour has closed below both its 20 and 50 hour moving average. So correction may continue till price manages to claw back above the 50 hour moving average.
- Up trend is still intact in daily time frame. If the correction continues 1225 level may offer good support for the index.
- Today's correction was followed by the shooting star candlestick formed on monday. Price never managed to close above the shooting star. CCI indicator showed negative divergence in daily time frame before today's correction.
- NEGATIVE DIVERGENCE OF CCI WAS SHOWN IN THIS POST
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