August 9, 2011

S&P 500 Analysis after closing bell

  • Bears are inflicting as much pain as possible.
  • They have violated important weekly levels (200 Week Moving average and Cloud support in weekly chart) as shown in first two charts. Last time these levels were broken back in 2008.
  • Next hope for bulls is the 38.2% Fib level were this index may take a pause.
  • 30 Minutes chart shows that every small bounce is being sold off.
  • ES DESCENDING TRIANGLE UPDATED
By at

3 comments:

  1. zstock7.comAugust 9, 2011 at 2:55 AM

    when was the last time you saw a fib work on the spx---i've seen it work once or twice in 14 years of trading----waste of time---try fibs on qqq and iwm---much more reliable.
    zee

    ReplyDelete
  2. SanAugust 9, 2011 at 3:07 AM

    @zstock7.com

    There is a price cluster in the left side of the weekly chart which may coincide with 38.2% Fib level to give a pause for bears. That's what i thought.

    Thanks for sharing your experience.

    ReplyDelete
  3. nyseAugust 9, 2011 at 3:32 AM

    Good post. Thanks

    ReplyDelete

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