December 2, 2010

S&P 500 Analysis after closing bell

  • S&P 500 Gave a breakout and closed the day above 1200
  • Index was trading in a range of 1172 - 1200 for a while now. With price closing above the psychological mark of 1200 chances of resuming the up trend has increased.
  • Price should stay above 1200 in the following days.
  • Price has broken above 20 DMA which was acting as resistance. Price tested 50 DMA which has acted as good support for the index.

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