July 3, 2013

S&P 500 Analysis after closing bell

  • SPX Daily chart shows the up move getting resisted at 50 Day SMA. Bulls need to close above this level to rise further.
  • Price is also moving in a contraction triangle like pattern. Price movement will be limited or range bound till it remains in this pattern.
  • Weekly MACD has a sell signal which will be effective only if price stays below 20 Week SMA. Bulls strong above the falling resistance line shown in last chart. 

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