- USD/JPY Weekly chart showing recovery from historic lows.
- But the current up move may find resistance at 85.80 and if manages to close and trade above this level this pair can give 88.16.
- Anything above will be possible only if the pair breaks out above the strong weekly down trend line.
November 26, 2010
- SPY chart with a right angled broadening pattern.
- Resistance is at 120.39. Support for today is the day's low at 119.03
- If today's gap is filled the bullishness can sustain only if price closes above 120.39 otherwise selling pressure will take spy down.
- Statistics of right angled broadening pattern shows a larger percentage of upside breakouts.
- S&P 500 FUTURES ANALYSIS
- First chart shows a big triangle formation developing in ES four hour chart which will give direction soon.
- Next chart shows the ichimoku cloud acting as resistance confirming that sell on rallies is a better a option until the trend changes completely.
- 1170 and 1205 are important levels to watch out for.
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