The S&P confirmed a weak closing yesterday while however remaining interior the inside day with 1290,00 – 1236,50 still the levels to follow in the coming hours/ sessions. A daily closing below 1236,50 will cause for sure a 1210 undershooting!!
The indicators of the daily chart are still positive but now off the overbought area but still showing a negative reversal situation. Those of the s/t ones are now all well negative and like in the case of the hourly chart even oversold. The drop started however to form already bullish divergences while we remember that on the way up it failed to form them. We have therefore to expect further weakness toward 1220 if not even directly lower!! Follow possible updates after US opening.
Click here to read the full report:
http://www.easyforexnews.net/wp-content/uploads/2011/11/SP500-11.01.pdf
FUTURE TREND RESEARCH