March 6, 2012
- ES at Daily trend line. If it does not bounce from here price may slip another 10 points from here.
- ES Four hour has closed below crucial Moving average and Ichimoku cloud.
- Daily chart is falling towards a supporting trend line.
- Bears has to break below this line to extend gains.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Tata steel futures hour chart shows price breakdown from a consolidation pattern.
- Daily will test 50 SMA. Day closing below 50 SMA will strengthen bears of Tata Steel.
- Getting support here may save bulls from a bigger correction towards.
- Below 50 SMA Price may test 417 levels.
- Levels mentioned are of Futures.
- For bears price has to close below 20 Day SMA and the horizontal support zone shown in four hour chart for a bigger fall to happen.
- Today's fall took support at 20 Day SMA.
- Hour chart shows price below the hourly cloud after a long GAP. Last time price was below the hourly cloud near 1310 levels. For tomorrow if cloud acts as resistance and a break below 1359 may target 1354 levels. Breaking above the cloud again may give new high's for SPX.
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