December 23, 2011
- 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.
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.