- S&P 500 Future hour chart is showing a broadening pattern.
- Pattern has its extreme levels as 1147 support and 1163 as resistance. Breakout or breakdown should happen after violating these two levels. For now the index will trade within this range of 13 points.
October 7, 2010
- Apple hour chart with two important ranges in which the stock is trading in
- First one is the smaller range of 285.11 - 291.87
- Second range is the larger one which is from 274 - 294
- Breakout of the smaller one may lead to an eventual breakout of the all time high above 294. Above 294 the target for the breakout is about 314.
- smaller range breaking below 285.11 will be negative and may find support near 276 levels.
- S&P 500 is showing a range of 1154 - 1163.87
- Hour chart is showing weakness above 1160 levels.
- Index not able to sustain above 1160 level.
- Price has moved away from 50 hour moving average So a sideways to negative consolidation is possible so that the moving average catches up with the price. But if 1163 is taken out convincingly next target is 1170
- Dow Jones futures chart in daily time frame.
- Index was resisted at 10915 yesterday after this weeks resistance.
- Bulls are making good progress today, they have managed to break it. If price sustains above 10915 they will soon show us 11000 on screen.
- S&P 500 Futures One hour chart.
- Price is trading in a range of 1153 - 1160 after this weeks breakout.
- Since the momentum is is with the bulls, An upside breakout can be used to go long.
- If a breakdown happens we have to see if key levels are getting broken. In my view a breakdown of this range will be used by the bulls to buy on dips.
S&P 500 SPOT DAILY CHART
S&P 500 FUTURES 1 HOUR CHART
- First chart shows the doji of S&P spot chart
- The second chart shows how the futures has formed a small range from 1153 -1160.
- SPX will give good direction only after this range breaks.
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