June 22, 2013

S&P 500 Weekend update

  • Weekly chart of SPX has given a MACD bearish cross after a long wait. Price has also managed to close the week below the rising support line. This combination has given 2 or 3 weeks of correction in the recent past.
  • Daily chart shows price managed to stay above 100 Day SMA. For the weekly view to work in favor of bears price must close below 100 Day SMA. 
  • Strength above 1598 and bullish above 1620 - 1625 level. Weakness below 100 Day SMA.

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