Sunday, March 4, 2012

SPX: a quick look at possible scenarios

Weekly: longer-time frame 1200 would still create a higher low into ascending triangle also spot of 23.4% fib 

Daily: 20 SMA directly underneath us still in think up channel that kicked off late Dec. 2011. Under the 20 SMA looking at 1320'ish lower volume pocket with 50 SMA & UTL convergence

Hourly: watch for break of 1362-1360 or TL support to kick off a deeper pullback move lower

30 minute: Or a clean break above 1378-80 to kick off more upside 1400+

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