- SPY hour chart is breaking all crucial levels in favor of bears.
- Price has broken both 50 hour and 200 hour moving average.
- Bears will be in total control if price remains below 200 hour moving average.
- Fib levels shows price near 61.8% level Break below this level will fill the gap near 128 levels.
- SPY 4 Hour chart near important support level.
- 50 period moving average in four hour chart has held when spy fell last time.
- This time too price is trying to form a basing formation.
- So more pain for bulls only if price sustains below this moving average.
- APPLE WEEKEND UPDATE
- First chart is ES daily time frame with channel formation.
- Price if continue to sustain below the black line then price will hit the support line of the channel.
- Important support level shown in daily time frame is between 1294 - 1296.
- SPX CHART ANALYSIS
- NF has support near 5430 level which is the 38.2% retrace level. Price closing below this level will favor bears.
- As seen in the chart this place between 23.6% and 38.2% is not allowing price to move away from it. So a daily close outside this range may give direction for future.
- Nifty futures range in hour chart.
- This 200 points range should be resolved for a bigger move to unfold.
- Trend lines drawn inside the range may give direction for the intraday moves.
- Nifty weekly chart shown with the trend line which can give support for the index in case of a correction. Breaking the trend line will favor the bears.
- An inverted head and shoulders possibility was shown on monday. Now bears are also putting together a good continuation pattern. If price breaks below 5400 it may confirm a bear flag breakdown which can extend gains for bears.
- So this one can go either way, lets watch the levels 5400 and 5635
- S&P 500 DAILY CHART ANALYSIS
