August 31, 2011

S&P 500 Analysis after closing bell

  • Weekly and daily chart suggest that we are into a resistance zone between 1219 - 1227 area.
  • Daily candle that has appeared on SPX looks slightly doubtful for bulls. But no worries for bulls as long as 20 DMA is protected.
  • Hour chart too looks good as price holds above 200 Hour moving average. Except for the price action of the final hour which looks like a shooting start pattern which may be slightly negative. But if price correction holds above 200 hour sma then Bulls should be fine.

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