May 5, 2012

S&P 500 Analysis after closing bell

  • SPX Daily closed below 50 and 20 day sma. These two moving averages does a  bearish cross as well.
  • Next crucial support levels are near 1357 - 1358 level. Daily chart has a possible Head and shoulders pattern which has not given a breakdown yet.
  • Weekly candle looks almost like a bearish Engulfing pattern. Trading below 20 week SMA will favor bears to extend this fall.

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