November 15, 2010

S&P 500 Near 200 Hour moving average

  • ES did violate the channel But found resistance below the 200 hour moving average.
  • Price may test 1191.
  • ES has gone above the resistance level of 1201.
  • Price has violated the channels resistance line.
  • But price is near the 200 hour moving average. If gets resisted here index may get back into the channel. Channel breakout will be valid only if price trades above 200 hour moving average

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