August 31, 2013

S&P 500 Weekend update

  • Daily chart shows bulls trying to hold above the cloud. Breaking the cloud on closing basis will strengthen bears further.
  • Bulls need to trade above 100 Day SMA to avoid a fall.
  • Weekly up trend line is not violated yet. Taking support at this line may save bulls from a bigger fall. 
  • Weakness Below 1627. Strength on closing above 100 Day SMA.

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