February 24, 2011

S&P 500 Before opening bell

  • ES Hour chart with Ichimoku cloud and 50 hour moving average.
  • Price is trending down below the cloud. Bulls will face stiff resistance until they close price above the cloud.
  • Hour time frame is a sell on rise market now. So 50 hour moving average will act as resistance.
  • Bulls should close above 1310 and 1320 for regaining strength. 
  • SPY HOUR CHART ANALYSIS

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1 comment:

  1. Your AdvisorFebruary 24, 2011 at 9:36 PM

    My view on Reliance communication - Reliance communication from the last few trading session was moving sideways and in today's trading session it manages to trade and close below the 10 days and 50 days moving averages. It is looking weak on charts below support level of 89 it would be in a bearish trend. One can go for short position in it at 89 below this level it would might face more selling pressure.
    RESISTANCE - 104
    Support - 89

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