Thursday, June 16, 2011

S&P500: Reaching 200-day Moving Average

The S&P500 is reaching the 200-day Moving Average(green) around 1250. Coupled with the previous low(labelled a), it is a likely region for a bounce. In case of a failure, good support is the previous high of 1220. Note the suggested corrective wave count, implying possibility of further upside in the medium-term. For now though, any upside should be limited to 1300 range.

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