July 21, 2012

S&P 500 Support levels

  • Daily chart shows 100 Day SMA and Golden ratio near 1358 - 1359 level.
  • Price holding on to the above support levels may save bulls from a bigger fall and an up move towards 1390 levels is also possible.
  • Price breaking the above mentioned levels can take SPX towards the cloud of Four hour chart which has managed to stop the falls till now. For bears a bigger fall is possible if the cloud breaks.

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