June 8, 2012

S&P 500 Analysis after closing bell

  • Price has formed a reversal formation in daily chart. But the falling wedge breakout is still intact. Wedge may fail only if price starts to trade inside the pattern again.
  • 200 Hour SMA is acting as resistance as shown in last chart. Good support is seen near 50 Hour SMA.
  • On bigger time frame 50 Week SMA and 1266 is the key support levels and resistance at 1334.

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