- GMCR Descending triangle and Range breakdown shows a possible target below 10.
- Stock gaped down with Huge volume. Previous GAP happened on relatively low volume compared to the recent gap. Gap fading will be tough this time due to high selling volumes.
- SPY WEEKEND UPDATE
May 5, 2012
- SPY Month chart is showing bearishness near the top bollinger band. Crucial support levels in month chart are the April Month low - 135.76 and the March Month low - 134.36.
- Weekly chart has given a MACD sell signal. For bears to extend the fall price has to trade below 20 Week SMA.
- Daily chart shows multiple levels which may give an oversold bounce - Lower Bollinger band, 100 Day SMA and the Swing low 135.76 - 135.94.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- SPX Daily closed below 50 and 20 day sma. These two moving averages does a bearish cross as well.
- Next crucial support levels are near 1357 - 1358 level. Daily chart has a possible Head and shoulders pattern which has not given a breakdown yet.
- Weekly candle looks almost like a bearish Engulfing pattern. Trading below 20 week SMA will favor bears to extend this fall.
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