- SPY Near the apex of a contracting pattern. breakout or breakdown may result in good moves.
- Right now price is testing 200 period SMA of 4 Hour time frame. for the up move to sustain price has to stay above this level and the falling resistance line.
- For a bigger up move the range 132.60 - 137.50 has to be resolved.
July 17, 2012
- ES Four hour chart is in a range near Golden ratio. Price sustaining above 50 period SMA is good for bulls. Bulls need a breakout above the black line shown in last chart for the up move to extend towards 1370 levels.
- Price sustaining below 1350 would lead to a correction towards 1335 levels.
- S&P 500 ANALYSIS AFTER CLOSE
- Nifty Hour testing 200 Hour SMA.
- Price is stuck between two GAP's and a small falling wedge pattern.
- 200 Hour SMA Holds the Key. If price sustains below 200 Hour SMA and the falling wedge's support line we should see a fall to fill the GAP on the downside.
- Bullish above the falling wedge resistance line and on a break above 5231.
- Nifty has closed below 20 day sma AND 23.6% Fibonacci level.
- Nifty Hour is at the crucial 200 Hour SMA. Bears of nifty need a breakdown below this level. Getting support at this moving average will result in a bounce.
- Hour chart also shows price near previous resistance levels which may result in an oversold bounce.
- S&P 500 EOD UPDATE
- First chart shows trend lines and support lines which must be taken out for a bigger move to happen.
- Second chart shows the range 1325 - 1374 which must be broken for a bigger move.
- Last chart shows rising support levels with the up move of 200 Day SMA. For bears closing belwo 200 SMA will result in a bigger correction.
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