August 18, 2011

S&P 500 Analysis after closing bell

  • Price is trying to stay above 200 week moving average.
  • Important Fibonacci levels which got broken is acting as resistance.
  • Hour chart is favoring bulls. So if price holds above 50 Hour moving average then it may move towards 200 Hour moving average.
  • Bears need to break 50 Hour moving average on closing basis which may trigger a correction.
  • IT WAS A DAY OF FALSE BREAKOUT'S (CRUDE, SILVER, ES, SPY)

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