January 26, 2012

S&P 500 Analysis after closing bell

  • SPX Month chart shows price at the resistance line.
  • Consolidation in hour chart shown yesterday has resulted in another up move. Price is near resistance line of the channel again. If the monthly resistance line is to break then the current hourly structure will not change. another small sideways correction and the up move will continue inside this channel.
  • Price keep getting support at or near the hourly cloud. Bears need a cloud break to weaken the bulls.

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