April 1, 2011

S&P 500 Before opening bell.

  • First chart shows ES Hour breaking above a rectangle type of consolidation.
  • 50 Hour moving average is near 1325 level. Staying above this level will favor bulls.
  • Till now the dips below 50 hour moving average has not helped bears at all. Bulls managed to buy the dips. Price has to sustain below 50 hour moving average for bears to get a meaningful correction.
  • ASCENDING TRIANGLE OF CRUDE OIL
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