December 20, 2011

S&P 500 Analysis after closing bell

  • Price is moving away from 50 Day SMA which is not good news for bulls
  • Four hour chart shows price closing in on the supporting trend line of the triangle pattern.
  • Fibonacci levels for daily chart shows price breaking 38.2% level. If price sustains at these levels It may move down towards 50% Fib line.
  • Hour chart shown with a potential Golden ratio trade.

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