May 9, 2012

S&P 500 Analysis after closing bell

  • SPX Week chart is testing 20 Week SMA. For now price managed to stay above 20 Week SMA. 
  • Breach of 1357 gave 1347 But price manage to came back and close above 1357. The long shadow of the daily chart shows buying support at lower levels. 
  • Despite the up move it doesn't look convincing for bulls as they trade below crucial moving averages. So for bulls 50 and 20 Day SMA has to be taken out for a bigger reversal to take place.

1 comment:

  1. So, what lvls are the key ones for day trading? Buy spy at 135 and no higher, and sell for a quick 1%?