- S&P 500 Daily chart with 200 DMA acting as resistance. If you notice the 200 DMA it is moving like a horizontal line which acts as support and resistance in chart.
- I have marked an area from June till now were 200 DMA acted as resistance. Now the index is pulling away from the 200 DMA (confirmation needed on closing basis). If it pulls away to levels like 1170 or 1180, any dip from those level to the 200 DMA will give a chance to enter long trades again.
- Above scenario possible only if the index closes higher today and should make Higher high's and Higher low's in the coming day's.
September 20, 2010
S&P 500 FUTURES DAILY CHART
S&P 500 FUTURES 4 HOUR CHART (IHNS)
- S&P 500 futures is trading above its most important resistance. If the index closes around here the most expected triple top formation may not form. But as shown above in the daily chart, index should close above the resistance line.
- 4 Hour chart is also showing the price pulling away from the neckline. Price should close near the high of the day for this up move to sustain in coming day's.
- Hour chart of Dow jones futures with fib ratio for the recent fall from 10600 levels. The index is trading near 50% retrace level of the fall. If 50% area give support we can expect a good rally from here favouring the bulls. If 50% breaks index may go down till 10500 levels.
- Daily chart is still favouring bulls with the price above the triangles breakout point. Bulls has to worry only if price starts to trade below 10500.
- S&P 500 SUPPORT AND RESISTANCE LINES
- Shree Renuka Sugars gave a breakout from the range of 62 - 72 in which it was trading in.
- Target for the target was 82.
- But on its way to 82 The stock broke above its 200 DMA. If stock continues to close above its 200 DMA it can give some more up move. Breaking below 200 DMA will be negative.
- Dow Jones futures hour chart with Fibonacci retrace levels.
- Dow Jones futures went to 10600 levels last week but could not sustain above 10600 levels.
- Now the retrace of that correction is going on. Dow is trading near the 50% fib ratio. If it manages to cross 50 and 61.8 levels we may see another attempt to reach 10600 levels.
- If finds resistance near 50% the index may go below 10500
CHART - III
CHART - II (30 MINUTES TIME FRAME)
- It seems NF will hit the resistance line and then take a decision to continue this madness or go for a correction.
CHART - I
- NF is trading close to the resistance line of the broadening pattern.
- Correction can be seen from here or after hitting the resistance line.
- More upsides are possible only if Nifty SPOT sustains above 5940 as discussed in the NIFTY DAILY ANALYSIS.
- Nifty is trading in a narrow and raising channel, Trading within which nifty can move higher steadily.
- Nifty has a raising wedge like formation. Index is also showing a lot of negative divergence.
- But for today if nifty trades above 5940 it will completely favour the bulls.There is a range of 5815 - 5901 to be resolved. Above or below this range nifty can give good direction.
- ACC WEEKLY CHART ANALYSIS
- RELIANCE CAPITAL WITH INVERTED HEAD AND SHOULDERS
- UNITECH WEEKLY CHART ANALYSIS
- DLF BREAKOUT