April 8, 2012

S&P 500 Weekend update

  • First chart is the weekly time frame which shows 1370 which was the previous resistance level which may act as support.
  • Weekly MACD shows a sell signal in the making. on the left of the chart note how price went into a range after a sell signal followed by a big fall. for now price may give one more rally from 1370 levels before the big sell signal.
  • Price has fallen below 20 Day SMA. It should be difficult for bears to break below 50 Day SMA and 1370 levels.

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