March 2, 2013

S&P 500 Analysis after closing bell

WEEKLY CHART
DAILY CHART

  • IT's a fight between the Higher Time frames and Lower Time frame. Weekly chart says price in a range at the resistance line and a correction may follow But Daily chart shows an up trend with corrections which can be bought for an upper breakout or continuation of the trend. SPX 30 Minutes chart also shows an Inverted Head and Shoulders pattern which is also supporting a short term bullish move.
  • But one has to be cautious with longs because if higher time frame starts to play out then Bulls will be in trouble.
  • APPLE BEARISH PATTERNS
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