November 24, 2010

S&P 500 chart with Important support level

  • Four hour chart of ES with ichimoku cloud.
  • When the trend was up every dip into the cloud resulted in buying and recently price broke and closed below the cloud, Result is every rise into the cloud will be met with selling.
  • Cloud is reliable in larger time frames.
  • ES is showing good support at 1173 on closing basis. Resistance at 1205 level.
  • GOLD CHART ANALYSIS

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