June 7, 2011

S&P 500 Analysis after closing bell

  • SPX Daily has closed below the support level of 1294 
  • This is the 4th consecutive bearish candle for SPX. Hour chart is trending down within a narrow channel.
  • Only relief for the bulls is the mild positive divergence that is developing in 15 Minutes chart which might result in a small bounce. For any larger bounce price should trade above the narrow channel shown in hourly time frame.

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