November 8, 2012

S&P 500 Analysis after closing bell

  • S&P 500 Weekly chart shows price testing the rising trend line from 1075 levels.
  • Daily chart shows price closing below 100 Day SMA and it is closer to the 200 Day SMA.
  • Price closed below crucial support levels of 1396 - 1403.
  • Now price must sustain below 100 SMA for a possible breakdown below the weekly up trend line. If the weekly up trend line holds then we might see a bounce in the coming days

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