February 2, 2013

S&P 500 Analysis after closing bell

  • SPX Weekly chart shows price yet to hit the resistance line. For next week's candle the resistance level is around 1525 area.
  • Second chart shows Weekly RSI refusing to move above 70% line into the Overbought zone. Price is making good progress while the Indicators is slow which mostly favors the bullish move to extend.
  • Last chart shows Price engulfing last two day's of weakness. Price continues to move inside the bullish channel with no meaningful correction.


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