June 8, 2013

S&P 500 Weekend update

  • SPX Week has formed a bullish hammer candlestick at the up trend.
  • Immediate resistance in daily chart at 20 Day SMA. A daily close above 20 SMA will add strength for the bullish candlestick formation.
  • Earlier bears needed a close below 5 Week Low EMA to weaken the prevailing trend which did not happen. Price managed to bounce and close near the high of the week.

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