- SPY 15 minutes chart with intraday support levels.
- 129.64 and 129.18 are levels for bulls to defend to sustain the up move.
- Falling below these levels may give selling opportunities.
- GOLD NEAR SUPPORT LEVEL
January 26, 2011
- Gold is trading near its support area at 1314 in daily chart.
- daily chart is also showing a possible rounding top pattern. Break of 1314 will extend the correction. Rounding top forms the shape of an upside down "U". A rounding top may form at the end of an extended upward trend and indicates a reversal in the long term price movement. The pattern can develop over several weeks, months or even years, and is considered a rare occurrence by many traders.
- If price gets support at 1314 and followed by a rally will negate this bearish pattern
- ES Hour chart with an ascending channel formation in hour chart.
- Right now price is correcting from the top of the channel.
- If price breaks the middle line we may see a deeper correction.
- Getting support near the middle line will favour the bulls the push the price up further.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Bulls staying above 1292 may push the price higher.
- Price momentum in the final hour favours bulls to make a new January high.
- Price closed above 50 hour moving average.
- 1280 is the support level for bears to break to gain downward momentum.
- Price has closed above 78.6% Fib level of the recent fall, it looks like the price momentum may take it above 1292 and 1296 shortly.
- EURUSD NEAR GOLDEN RATIO
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