June 2, 2012

S&P 500 Analysis after closing bell

  • SPX trading below 20 Month SMA will attract bears towards the monthly trend line shown in the same chart. For avoiding a bigger fall bulls must get back above 20 month SMA.
  • Daily chart too turned completely bearish after price traded and closed below 200 Day SMA.
  • Only hope for bulls is the falling wedge pattern. Price is approaching the support line of the wedge. For this patter to work in bulls favor price has to get back above 200 SMA soon. If the down move continues wedge pattern may fail.
  • APPLE RISING WEDGE UPDATE
By at

4 comments:

  1. nifty.senseJune 2, 2012 at 3:03 PM

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    http://niftysense.blogspot.in/

    ReplyDelete
  2. nifty.senseJune 3, 2012 at 4:05 PM

    sir....wat happens if support line breaks in falling wedge pattern ????

    ReplyDelete
  3. SanJune 3, 2012 at 6:43 PM

    @nifty.sense
    Falling wedges are bullish patterns. When the support line breaks it looses its significance. Bulls can still hope for a false break below the support line and when the price gets back into the pattern we get a faster up move.

    ReplyDelete
  4. nifty.senseJune 4, 2012 at 10:03 AM

    thanx san sir....i think it will happen in jspl today ( daily charts)....

    ReplyDelete

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