The SPX daily chart shows the upper Bollinger Band violation resulting in the move back to the middle BB, at a minimum. The middle BB is also the important 20-day MA so some further action along 1511-1512 is likely. The BB's are squeezing in which pointed towards the bears gathering downside momo but Fed member Bullard stepped in to pump the markets and keep things sketchy. It is reasonable to anticipate a test of the lower BB at 1494 in the days ahead. The 1494-1499 level is a hotbed of activity as discussed in the previous charts and an important bull-bear line in the sand. Losing this level would surely lead to a test of the congestion zone at 1460-1464.
The 50-day MA has not been seen since last year when the fiscal cliff resolution occurred. Price will need to explore the 50 sooner or later, now at 1475. The purple box shows the higher volume on the two sell days last week, then the paltry volume for the bull recovery move caused by the Fed jaw-boning. Lower prices are anticipated moving forward. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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