December 6, 2010

S&P 500 Futures in a diamond pattern

CHART-II
  • ES broke out of the pattern But is unable to move above 1224 resistance level mentioned in the below chart.
  • Index will gain up ward momentum if price breakout above 1224. Unable to move above 1224 will be negative in the short term.
CHART-I
  • ES is showing a consolidation pattern in 30 minutes chart.
  • Pattern looks like a diamond but its not  perfect in its formation
  • But break of 1216 may give good correction, in the same way an upside break above1224 can give new high's for the index.
  • SPX WEEKEND UPDATE

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