August 12, 2011

S&P 500 Analysis after closing bell

  • Price has moved above 200 week moving average as shown in weekly chart. If price closes the week like this it may give some relief for bulls.
  • Hourly charts are turning in favor of bulls with price sustaining above 50 Hour moving average. If price manages to close above the cloud in hour time frame this pull back may pick up momentum.
  • But looking at the weekly cloud. It looks like it will be hard to take this pull back beyond some support levels which got broken during this fall.
  • 1210 - 1220 level will be hard to close above.

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