- First chart is the 15 minutes chart of SPY with support and resistance levels.
- Move above 131.58 will favor bulls for an intraday up move.
- Falling below 130.71 and 130.21 will give another down move.
- 130.21 was the 61.8% Fib level were the correction stopped yesterday. So break of this level will target the GAP area as discussed in YESTERDAY'S POST.
February 24, 2011
- 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
All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.