December 7, 2010

S&P 500 Analysis after closing bell

  • Weakness is yet to be seen in hour chart.
  • Price is trading above 20 and 50 hour moving averages.
  • Daily chart has given a spinning top candlestick. This shows indecision among buyers and sellers. According to the pattern if the candlestick's color is against the prevailing trend we may see a reversal. This candlestick needs price confirmation.

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