November 17, 2012

S&P 500 Analysis after closing bell

  • SPX Closed the week below the Rising wedge pattern.
  • Price is testing 50 Week SMA. Bears need a full weekly candle below 50 Week SMA to confirm a bigger breakdown. But for now the shadow of the current weekly candle suggests of an oversold bounce.
  • Bulls also has the support of the Golden ratio. But this bounce may not be a bigger one unless price decides to move above 200 and 20 Day SMA quickly. 

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