August 4, 2012

S&P 500 Weekend update

  • Weekly chart with MACD indicator shows a buy signal which will be effective if price breaks the range shown in the first chart.
  • On breaking above 1422 the second chart comes into play were price will target the resistance line of a larger contracting pattern.
  • Daily chart shows the support and resistance levels for the coming week. Sustaining above 78.6% would target 1406 and higher. Crucial support levels are the Golden ratio and 100 Day SMA.

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