May 3, 2012
- Silver daily chart shows the falling support lines if the current correction is to stop at the red line we may see a bounce from 30.00 - 30.10 levels. Price falling below 30 means targeting the black line.
- Four hour chart is shown with resistance lines. 100 Period SMA will act as resistance and the space between 100 and 200 period SMA also will continue to act as resistance.
- Price is near the golden ratio of daily time frame which may give support.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- SPX Daily chart shows price staying above 20 and 50 day SMA. Consolidation above crucial moving averages may help bulls to extend gains. But daily chart also shows a bearish cross between 20 and 50 SMA which will keep the bears interested.
- Cloud and 100 period SMA of Four hour also looks like strong support levels. So the violation of the range 1392 - 1415 may give a clear direction.
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