- JPM Closed the day above 50 day SMA. Up move also showed good volumes for the day.
- But price is moving into stiff resistance levels.
- 50 Week SMA. 38.2% Fibonacci levels and daily swing high's may stop bulls from moving ahead.
- crossing 37.03 should target the GAP between 38 and 40.
- SPX WEEKEND UPDATE
July 15, 2012
- Rising wedge has given a breakdown in favor of bears Now price has to takeout the GAP shown in first chart for bears to gain momentum.
- MACD has given a sell signal But price sustaining above 20 Day SMA should give another chance for bulls to move up. For bears a close below 20 SMA is needed to gain momentum.
- For a bigger breakdown price has to close the week below 20 Week SMA (5174).
- Monthly chart shows price getting resisted at 5 Month High EMA.
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