December 14, 2010

S&P 500 Analysis after closing bell

  • S&P 500 daily chart has given a shooting start pattern.
  • Shooting star pattern is a bearish reversal pattern.
  • But Bearishness can be confirmed only with a gap down the following day. In this case if SPX opens and trades above 1242 it may not look bearish.
  • CCI indicator and Price is showing negative divergence. But this one too need confirmation. 
  • But if the index opens and sustains above 1242 these negative price action may not show its effect. A gap down may help the bears.

No comments:

Post a Comment