January 11, 2011

S&P 500 Analysis after closing bell

  • Trend line in daily chart is being tested. Price violated the trend line today but managed to close above it. Next time if price comes below the trend line we may see price closing below the trend line.
  • Hour chart shows 50 hour moving average giving support to bulls. We had a nice up move exactly from 50 hour moving average today.
  • 30 minutes chart shows a  triangle pattern which can give direction in the short term.
  • QQQQ RISING WEDGE PATTERN

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