- Today's closing being a daily and weekly close its important for bulls to stay above the trend line and 200 SMA Till closing bell.
- On the contrary if this is a false spike and ends up closing below 200 SMA and the resistance line then bears may get a good short trade.
- Copper daily chart with resistance line
- Resistance line coincides with 100 Day Moving Average.
- Current up move might continue only if price is able to stay above the confluence of resistance which is going to be tough.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- MCX Copper chart below this post
- Mild negative divergence in crude oil hour chart which might give a correction.
- Price has to confirm by falling below the Fib levels marked in 2nd chart.
- Price staying above 78.6% will erase this negative divergence and move towards 102 level.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- SPX Weekly chart shows price approaching 50 week SMA which is near 1267 levels. Staying above it can extend this up move towards 1292.
- Weekly chart shows price testing the resistance line and 200 Day SMA. Pull back here means a retest of the support line of the triangle pattern.
- 3rd chart shows the possibility of a golden cross. It also shows a potential fast fall were if 50 SMA does not cross above 200 SMA price will give a fast opposite reaction in favor of bears.
- ES Trying to breakout above the resistance line.
- Price if sustains above the resistance line will extend this up move.
- Hour charts have started to show some negative divergence with MACD indicator. But if price continue to create new high's Bulls will have little trouble.
- For bears price has to break the trend line shown in the chart.
