S&P 500 Ichimoku Cloud Resistance

S&P 500 Fibonacci Levels

S&P 500 Ichimoku Cloud Resistance

• S&P 500 is approaching the 50% Fib Retracement level.
• The index is also approaching the ichimoku cloud in daily chart.
• The traders who trade based on ichimoku consider a stock or an index as in bull market if it is trading above the cloud and in bear market if it is trading below the cloud.
• Now if the cloud resistance is broken we can expect the momentum to increase on the upside.

Nifty daily chart analysis

5 DAY EMA AND SPINNING TOPS

NIFTY CHANNEL

NIFTY INVERTED HEAD AND SHOULDERS

• Nifty as you can see in the first chart is trading above the 5 day high ema.
• On friday it was a negative day but still managed to close above the 5 day high ema.
• The candlestick pattern that formed on friday was a SPINNING TOP Since it has come at the top of the current move it is slightly negative.
• Nifty is moving up in a channel and right now sitting at the top of the channel. 
• The INVERSE HEAD AND SHOULDERS break out target for nifty is well above 5400. 
• With the global markets support nifty should be moving ahead. The beginning of next week may see some pressure coming which will be supported by number like 5220 and 5180. 
BASIC TECHNICAL ANALYSIS
• INVERSE HEAD AND SHOULDERS
• SPINNING TOPS

Reliance communication bearish engulfing

BEARISH ENGULFING 

RESISTANCE

• Reliance communication should close above 194 for its current upward momentum to continue.
• But near the resistance area the stock is already showing weakness.
• A Bearish engulfing pattern has emerged and if the stock is not able to go pass 194 quickly then it will go down to 170 levels .