July 14, 2012

S&P 500 Weekend update

  • Daily chart shows price moving up and RSI moving in a sideways channel which should favor bears But price sustaining above 50 Day SMA is giving support to bulls. Price on closing above 100 Day SMA should strengthen bulls further.
  • Immediate resistance levels are the Golden ratio and 1370 - 1374 zone. 
  • Weekly chart shows price testing 20 Week SMA and MACD ready for a buy signal But Price sustaining below 20 Week SMA Should keep the MACD sell signal intact for a correction. 

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