September 2, 2011

S&P 500 Analysis after closing bell

  • A combination of Fibonacci levels and Weekly resistance levels managed to stop the bulls for now.
  • But i doubt if this one has the strength to break the recent lows.
  • If price does not break the recent lows then as mentioned in the last chart a retrace towards the broken wedge support line is possible.
  • Breaking below 1101 will negate such a possibility 
  • SPX CORRECTION FROM RESISTANCE LINE

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