Tuesday, April 24, 2012

EOD Technical Analysis, S&P 500 - 23 April 2012 - Bears edge ahead...

S&P 500 - End of Day - 23 April  2012   

Our expectation last weekend (click) was that "MVWAP 34 (EOD) to our White Channel bottom (EOW), is the range to break, going into next week".

Bears took it below the White EOW Channel for a bit, the Bulls however managed to close the index inside the channel.
The 10 EMA has just about equaled the 13 SMA.

Close is below all short term MAs that we study above.
The Histogram shown below the chart, has ticked down to minus zone.

The minor resistance on the upside is now the 10 EMA - major is the M VWAP 34.
Bullish short term average crossings - is what the Longs will look for next.