June 19, 2012
- ES Four hour chart nearing the resistance line
- Price sustaining above 200 and 50 period SMA will favor bulls.
- ES daily chart shows crucial resistance in Golden ratio and previous support levels which may act as resistance. For a bigger breakout price must breakout and sustain above this level. Getting resisted here may result in good correction.
- SPX ANALYSIS AFTER CLOSE
- SPX Daily chart shows price testing 50 Day SMA. Bulls of SPX need a daily close above this level to continue this up move.
- Four hour chart shows price nearing The Golden ratio and previous support level at 1357 - 1358 which may act as a resistance area.
- If price gets near 20 Week SMA this level too will be difficult to cross. We have a MACD sell signal in weekly chart. So for negating bearishness price need to trade above 20 Week SMA or face deeper correction.