December 23, 2011

S&P 500 Analysis after closing bell

  • SPX Weekly chart shows price approaching 50 week SMA which is near 1267 levels. Staying above it can extend this up move towards 1292.
  • Weekly chart shows price testing the resistance line and 200 Day SMA. Pull back here means a retest of the support line of the triangle pattern.
  • 3rd chart shows the possibility of a golden cross. It also shows a potential fast fall were if 50 SMA does not cross above 200 SMA price will give a fast opposite reaction in favor of bears.

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