Wednesday, July 22, 2009

Bullish for USA

S&P 500 Weekly Chart

Look at the chart, bullish case is supported by the following evidence:
  1. H&S formation that has been broken.
  2. Bullish divergence in MACD.
  3. Bullish divergence in RSI.
The next downtrend line is drawn from the 1550 peak. This means that S&P 500 can possibly go to 1100 (time dependent).

I think that everything will be confirmed when it can close above 960 by the end of this week.

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