May 22, 2012

S&P 500 Analysis after closing bell

  • SPX Weekly chart shows price getting support at the trend line which was discussed in SPY WEEKEND UPDATE. (Click the link for a clear view of the resistance line.) Its also the 50% Fib level which is acting as support level. 
  • Other resistance levels shown are the 38.2% fib level, Four hour chart shows a falling resistance line. Hourly charts with 50 Hour SMA and the cloud.
  • Clear breakout above 38.2% Fib level should extend this up move.

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