S&P 500: Medium Term View (or) Week Chart, each candle is 1 week's price action (or) EOW Chart:
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| S&P 500 - End of Week Chart (EOW) - 17 May, 2012. |
After Monday's Market Action we had changed the short term view from Neutral to Bear (click).
It was an input received just in time, to catch the big move.
Bears celebrated all the way to 1300, and are at the 'Blue Center line' of the Monthly RBG Channel.
The Weekly MVWAP 34 (blue dashed line), is the next support.
With this decent support available, the Bulls should bounce back a bit.
Let us Face it - all this liquidity sucked out of the system by one large IPO - should be back by now eh? - maybe one can book some bull action next? :)
