July 27, 2012

S&P 500 Analysis after closing bell

  • SPX Took support near 50 Day SMA and the bounce took price above 100 Day SMA.
  • Weekly chart shows price above 20 Week SMA But price is still stuck in a range in weekly chart. Price nearing the upper end of the range or resistance levels.
  • 4 Hour line chart shows possibility of this move getting extended if price stays above 50 period SMA. This setup has worked well in the recent past.

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