April 12, 2012

S&P 500 Analysis after closing bell

  • Four hour chart shows price getting support at 78.6% Fib level. Down move will resume once this level gets violated.
  • Price sustaining below the cloud should favor bulls. Up moves will find resistance near the cloud.
  • Daily chart too tried and failed to cross 50 Day SMA. Price closing above 50 SMA may result in an up move.

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