The S&P confirmed a weak closing last night testing the support line of the symmetrical triangle this morning at 1227,00. A daily closing below this line will favour further weakness resuming the decline and suggesting a 1200 undershooting!!
The indicators of the daily chart are now below the line and at the moment also those of the s/t ones are below the line suggesting further downside risk with a potential s/t target at 1201,90.
In the s/t only an hourly closing above 1241,60 will postpone the drop favouring a recover toward the 200 hours line at 1248,54.
The decline toward the support line started forming bullish divergences even if around the 40% level. We start therefore having some doubt about the scenery we were suggesting in the past reports that the decline would have been corrective.
Click here to read the full report:
http://www.easyforexnews.net/wp-content/uploads/2011/11/SP500-11.17.11.pdf
FUTURE TREND RESEARCH