April 20, 2016

S&P 500 Analysis after closing bell

  • SPX Daily shows bulls fighting through resistance levels. 
  • Weekly chart shown with the long lower tails of weekly candles when price fell below 1900 levels. These long shadows suggest strong support near that levels, But for bears there are no big upper shadows which suggests advantage bulls. Bulls hoping to see one long upper shadow here.
  • Daily candle is showing slight negative divergence with Price and MACD. For this one to work price need to stay below the resistance levels discussed above.

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