June 23, 2011

S&P 500 Testing 200 DMA again

  • Price is testing 200 day moving average again.
  • Repeated test of this moving average may lead to a convincing break.
  • Hour chart falls below the cloud again. Now bears should break the recent low to extend the gains. If they are unable to break the low then bulls may get a chance to stay above 200 DMA.
  • Price if continue to sustain above 200 DMA will favor bulls.

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