May 3, 2012

S&P 500 Analysis after closing bell

  • SPX Daily chart shows price staying above 20 and 50 day SMA. Consolidation above crucial moving averages may help bulls to extend gains. But daily chart also shows a bearish cross between 20 and 50 SMA which will keep the bears interested. 
  • Cloud and 100 period SMA of Four hour also looks like strong support levels. So the violation of the range 1392 - 1415 may give a clear direction.

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