September 9, 2010

S&P 500 Analysis after closing bell

  • S&P 500 daily line chart is showing a triangle formation with the price at the moment resting near the top of the triangle. If it gets resisted here the index will come down to levels of 1050.
  • If it gets a breakout S&P 500 will rally to the recent high of 1130. 
  • Moving averages are favouring bulls at the moment with price trading above 20 and 50 DMA, But that can change in one or two trading session as we have seen in the past. 20 dma has crossed below 50 dma which should keep the bears interested.
  • The S&P 500 futures hour chart may give good direction for the short term Click Here to see the chart

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