SP 500 End of day analysis

DAILY CHART LINE

DAILY CHART

• SP 500 has closed above its 20 day moving average. But was unable to conquer the 200 day moving average. The index tried to move towards the 200 day moving average but was faced with stiff resistance.
• The daily line chart is showing a channel break out. It seems before the next up move the index will go and test the top line of the channel.
• Hourly chart is looking weak after the trend line break.
• The daily chart is also showing a shooting star candlestick formation which is also bearish.