June 22, 2012

S&P 500 Analysis after closing bell

  • Four hour chart shows a confluence of resistance with previous support acting as resistance and Golden ratio combining well to stop the bulls from advancing.
  • Daily chart shows price getting resisted near the cloud and closing below 50 Day SMA.
  • Weekly chart too reacted from 20 Week SMA With just one more day for the week to end its looking bad for bulls of SPX.

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