March 30, 2011

S&P 500 Analysis after closing bell

  • SPX Hour chart has closed above 20 hour moving average and 20 hour moving average is above 50 hour moving average. Closing is near the high of the day which may favor bulls.
  • Daily chart is showing a bullish engulfing pattern which is bullish in nature. But bulls has to go through a cluster of resistance as shown in the left side of the chart. Resistance cluster is from 1302 - 1333 area.
  • Price is also keeping its head above 50 day moving average which is important for bulls.

No comments:

Post a Comment