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12/18/2011 9:03:08 PM
Keystone Speculator
Posts: 32
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SPX Weekly Chart 3-Year Upward-Sloping Channel Failure:
Looks like price may have finally given up the ghost permanently losing the 3 year channel. Price has refused to give up for five months but now the bottom rail of the channel and the 50 week MA are forming a strong confluence that serves as a sturdy resistance ceiling. Price breaking under the 20 MA would be very bearish. The 20 week MA under the 50 MA is already very bearish. The 200 week MA sloping negatively is long term bearish. Watch the RSI and money flow 50% levels for clues on direction. Projection remains as sideways to sideways down for the foreseeable future. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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