June 22, 2010

SP 500 near important support area

  • If SP 500 closes below 1104 it's going to be a negative one for the bulls
  • Because that means three things. first one is that it is closing below 50 hour SMA as you can see from the first chart.
  • Second it is closing below an important support area.
  • Third one and the most important is that the breakout that happened is false one. 

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