July 3, 2010

S&P 500 Hourly Channel

  • S&P 500 Hourly channel trending down.
  • This cannot go on for ever.  And some retracement  is possible. The break of the Channel top line will confirm it.
  • But it will be that a retracement and not a reversal. Since the death cross has happened the retracements will be taken care by the 50 DAY moving average.
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