May 10, 2012

S&P 500 Analysis after closing bell

  • SPX Hour chart shown with price cluster below 1357 level. Sustaining below this support level is risky for bulls as it may lead to bigger breakdowns
  • Daily chart shown with 100 Day SMA. This line has been saving bulls for the last two days. Bears need to close below this level.
  • Weekly looks good for bears. All bears need is a weekly close below 20 Week SMA to confirm bearishness.

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