Friday, September 2, 2011

SP500 EOD Chart

A bearish engulfing pattern on daily. Looks like we may have topped out here for a few days now and lets see if this bear flag breaks down. Need to see followup today in US markets. Asian Markets are already in red today morning so global cues are not supportive of a large upmove. Even 5080 levels we were contemplating as of now look difficult if we dont have a good amount of short covering.

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