May 12, 2012

S&P 500 Analysis after closing bell

  • SPX Weekly closed at the 20 Week SMA. 
  • Price closing below 1343 may strengthen bears further.
  • Bearish cross of 20 and 50 day sma continue to be effective. Price also failed move or close into the cloud. Sustaining below the cloud is bearish.
  • One hour chart shown with 50 Hour SMA and Cloud. For a possible up move these two levels has to be broken. Unable to break above this will result in another fall.