- SPY 5 Minutes chart is trending up above the cloud.
- Usually cloud gives good support in hourly time frame. But this week the trend is so clear that the cloud looks good even in five minutes chart.
- So expect correction only if the cloud breaks in 5 minutes time frame.
December 22, 2010
- Silver hour chart gives an ascending triangle pattern.
- But price is finding it tough to sustain above 29.500 levels.
- Now that the price is near the apex of the pattern we will get good direction soon.
- As the pattern is an ascending triangle one can hope for a bullish breakout. One cannot rule out the possibility of the supporting trend line getting broken too.
- CRUDE OIL SUPPORT AND RESISTANCE LINES
- GBPUSD Looks weak after a support line violation in daily time frame.
- Support line also looks like a sloping neckline of a head and shoulders pattern.
- Pair has good supports at lower 1.53 levels and 1.51.
- Large correction can be expected only if 1.51 is taken out.
- ES has hit the upper trend line at 1251 giving a higher high for price and a lower high for the MACD Indicator. Problem here is that if ES continues to go up MACD will give higher bars which will negate this divergence.
- So bears should hope that ES does not break and sustain above 1251.
- S&P 500 ANALYSIS AFTER CLOSING BELL
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- Crude oil daily chart with support and resistance levels.
- Breaking above the resistance line and sustaining above 91-92 levels can give 95, 97 and 104
- Breaking below the support line may take crude to 85 levels.
- Finally Nifty futures takes more than 5 steps in the same direction
- Staying below 5990 will give good gains for bears.
- Price in a narrow range as it did yesterday.
- If we breakout above 6040 NF we may see some action. For bears it will be below 6015. Otherwise this sideways movement will continue for some more hours.
- Nifty Futures has given an upper breakout.
- Bulls are safe to hold on as long as 6015 is not taken out by bears.
- Weakness will be seen below 6015.
- SPX Dailly char shows the index making a positive closing above 1254 levels.
- For now the immediate supports can be raised to 1246 and 1250 levels. Positional longs will be safe as long as 1246 is not taken out.
- Hour chart shows how the 50 hour moving average and Ichimoku cloud acting as support during corrections.
- DOW JONES HOUR CHART ANALYSIS
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