June 24, 2010

S&P 500 Hourly chart trending down

  • S&P 500 Looking weaker than Dow Jones in hour chart.
  • It is trending down below the 50 Hour SMA.
  • And now that it has closed below the Ichimoku cloud in hour chart it will take a big effort from bulls to pull the index up above 1086.
  • yesterday mentioned about 1086 being an important support on closing basis. A close below 1086 means going to 1071.
  • But if the index manages to make a pull back through the bottom of the cloud, The bulls may try to stay above 1086 at least on closing basis.

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