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| S&P 500 - End of Day - 03 May 2012 |
In our last weekend analysis (click) we surmised that the Bulls need to keep the index above the MVWAP 34.
The EOM update that followed (click) showed us that 1398 would be a level the Bulls should hold.
In yesterday's action the Bears got the Index below MVWAP 34 (EOD Chart) and closed it at 1386.
Index also slipped below the 5 and 10 EMA on EOD chart.
Close of the Week below 1398 would augur ill for the Bulls (Since our signal was on the EOM chart).
Retaking the MVWAP 34 (EOD) on Friday would prevent loss of momentum for the Bulls.
As of now, the Bearish 'Three Inside Down' is triggered, on the Monthly (click) charts.
