August 16, 2011

S&P 500 Analysis after closing bell

  • SPX Daily shows price closing the day above 38.2% Fibonacci level. At this rate bulls looks good to cross the 50% fib level and more.
  • Short term trend in hourly charts too has turned in favor of bulls. Price has started to trade above 50 Hour moving average and the cloud. So smlla dips from here may get support from the cloud.
  • However bulls would be safe above 1168 levels. Breaking below 1168 levels may turn things in favor of bears again.

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