February 22, 2012

S&P 500 Futures Hour chart analysis

  • 38.2% Fib level seems to be an important Support and resistance zone. Important for bulls to stay above it for avoiding a correction.
  • Price also need to stay above 100 Hour SMA. Last fall towards it gave a bounce. It is getting tested again. Price sustaining below it may lead to a breakdown towards 50% or 61.8% Fib level.

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