August 31, 2010

S&P 500 end of day analysis

  • Upper trend line of the channel seems to be too strong to break.
  • Most of the gains made by the bulls on Friday has been taken off 
  • Now the 20 DMA and 50 DMA is ready to give a negative cross over. So some more down side possible.
  • The direction will be decided once the range in hourly chart discussed earlier in this post gives direction

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