October 5, 2012

S&P 500 Analysis after closing bell

  • Hour chart has closed above the contracting triangle. Price not showing big momentum and has some resistances to clear before confirming a bigger breakout.
  • Daily is showing good support at 20 Day SMA. Bears cannot hope for a bigger correction as long as price stays above this level.
  • Weekly chart trying hard to stay above the resistance line of the wedge. Clearing the range mentioned in the weekly chart should result in a bigger move.

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