June 21, 2013

S&P 500 Analysis after closing bell

  • SPX Breaks crucial Trend line from 1343 levels.
  • Price closed well below 50 Day SMA. Bulls are hoping for 100 Day SMA to act as support for a bounce.
  • Price is likely to trade below the daily cloud which may favor bearish moves in the short term. If 100 Day SMA does not break a small bounce may happen which takes price back towards the daily cloud before the fall can resume again. 

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