March 7, 2012

S&P 500 Resistance levels

  • Price testing 200 Hour SMA which was broken yesterday. This level may act as resistance. Hours need to sustain above this level for a bigger pullback to happen.
  • Fibonacci levels shown in hour chart which may act as resistance. 38.2% Fib level which is around 1354 - 1355 level is crucial for bulls to capture again.
  • Up trend will resume only if price breaks above the hourly cloud again.

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