November 22, 2011

S&P 500 Analysis after closing bell

  • SPX Week, Day and Hour are looking weak. 1220 - 1230 level will act as stiff resistance if bulls try for a pull back.
  • Price staying below 100 Week SMA can give deeper correction. Daily chart has confirmed weakness on closing basis by closing below 50 Week SMA.
  • Now the Fib retrace levels from 1074 - 1292 may save bulls from deeper correction which is the only hope left, as of today price has stopped at 50% Fib level.
  • APPLE NEAR 200 SMA

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