May 23, 2012

S&P 500 Analysis after closing bell

  • Month chart of SPX is testing its 20 Month SMA. Bears need a close below this level to extend gains possibly towards the red trend line shown in the same chart.
  • Daily chart shows price moving up from 38.2% Fib level. Price will find it tough to cross 23.6% fib level so for this week a range between these two levels is possible.
  • One hour chart shows price violating 50 Hour SMA and closing the day below it without testing the hourly cloud. For tomorrow up move possible above 1328. Staying below 50 Hour SMA will favor bears.

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