- IWM Weekly chart shows price testing the up trend line.
- Daily chart is testing 100 Day SMA.
- Daily cloud has been violated. If price sustains below the cloud bears will be able to break the above mentioned crucial support levels. Bulls need to get back into the cloud to avoid further correction.
- S&P 500 WEEKEND UPDATE
October 27, 2012
- S&P 500 Daily chart shows crucial support at the Cloud Base and 100 Day SMA.
- Weekly MACD has given a sell signal which will be effective if price trades below 20 Week SMA. 2nd chart shows price getting support at 20 Day SMA.
- For next week if price does not hold above 100 Day SMA Price may fall towards the weekly support line shown in the last chart which is near 1387 levels approximately.
- IWM WEEKEND UPDATE