- First chart shows price retesting the resistance line after breaking out. Price sustaining above this pattern may help bulls to move up again. Price falling back into the pattern should result in a breakdown.
- Price tried to close above 20 Day SMA and failed. Bulls need a daily close above 20 SMA for resuming the up move.
- Crucial support at 82.84 and 50 Day SMA.
- S&P 500 ANALYSIS AFTER CLOSE
October 7, 2012
- I have tried to make the spot chart as close to the futures chart. Haven't included the wild price action of Friday.
- Daily chart looks like a Dark cloud pattern with support at 11321. 10 Day EMA too is yet to be tested so weakness only on breaking these two levels.
- Weekly chart too looks bearish with the large upper shadow showing weakness at top. Weekly chart has support at 11226 levels. Breaking this level may turn weekly chart bearish again.
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