CHART-II
- Price hits the channel support line as discussed in the below chart.
- SPY may bounce from the channel support line
CHART-I
- SPY One hour chart shown with a channel and 20 Hour SMA.
- Staying below 20 Hour SMA price is likely to test the channel support line before moving up
- ES one hour chart shows price moving up in a channel.
- 2nd chart shows price in an ascending triangle.
- Bears need to break below 50 Hour SMA and the black line.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Silver hour chart is showing resistance near 33.19 - 33.23 levels. Hour closing above this level should give good up moves. Rising support levels may give an upper breakout.
- Support level in hour chart is the 200 Hour SMA. Price also shows a small bull flag pattern in chart which may help bulls of silver.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Price closed above 50 and 20 Day SMA. Bulls need follow up and has to close above the resistance line for a bigger up move to unfold.
- Price also getting closer to 5 Week High EMA which need to be crossed on closing basis for a sustained up move.
- India VIX is closing in on support line which may give hope for bears.
- 5 Week High EMA at 5370
- 50 Day SMA at 5311
- 20 Day SMA at 5291
- The weekly bullish cross of 20 and 50 Week SMA continues to do well.
- The hammer candlestick of daily time frame at 20 Day SMA too continues to do well.
- Four hour chart shows a likely resistance line
- One hour chart shows bearish engulfing setups near those trend lines which might result in a dip before the next up move.
- ES SUPPORT LEVELS
