June 19, 2012

S&P 500 Analysis after closing bell

  • SPX Daily chart shows price testing 50 Day SMA. Bulls of SPX need a daily close above this level to  continue this up move.
  • Four hour chart shows price nearing The Golden ratio and previous support level at 1357 - 1358 which may act as a resistance area.
  • If price gets near 20 Week SMA this level too will be difficult to cross. We have a MACD sell signal in weekly chart. So for negating bearishness price need to trade above 20 Week SMA or face deeper  correction.

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