May 18, 2012

S&P 500 Analysis after closing bell

  • Weekly chart shows good gains on falling below 20 Week SMA for bears. Now price is nearing 50 Week SMA which is expected to give a bounce initially before the next fall.
  • Daily chart too is nearing crucial support levels in 200 SMA and 38.2% Fibonacci level.
  • One hour chart continues to trend down below 50 Hour SMA and cloud. Any bounce to be effective should trade above these two levels.

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