- Inverted hammer of 4 hour time frame continues to play out.
- Growing upper shadow of the weekly candle will also keep bears interested.
- Possible support levels are shown in One hour chart. Bigger weakness if Golden ratio and previous resistance line does not act as support.
- Bullish move out of the range.
- Price moving towards the resistance line of the Rising wedge pattern discussed in the earlier post.
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- ES Daily making another bullish attempt out of the Ascending triangle.
- Bulls manage to close above 20 Day SMA Despite many attempts by bears to stay below that line.
- 5 Minutes chart as Immediate support for the Day.
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- 4 Hour chart shows price testing crucial support line and 200 Period SMA for this time frame. Sustaining below this line or 2260 levels may extend the fall towards 2250 for the day. Strength here can take price back towards 2278 levels again.
- Levels in first two charts are crucial for bulls to hold to keep the bullish structure intact.
- RUSSELL 2000 BROADENING TOP
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- ES Range and Triangles shows price nearing support levels.
- For now price is also staying below 20 Day SMA. But bears has to do more as price is still inside the pattern.
- Taking support at the current levels will keep ES Range bound.
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- ES daily chart shows another triangle shaped contraction. First one gave a bearish move.
- 20 Day SMA is acting as support on closing basis recently. Price did violate this line but day's did not close below it. Closing below this line will tilt the balance in favour of bears. Sustaining above it may result in an upper breakout.
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- ES 4 Hour chart shows price falling towards 200 Period SMA, This line acted as support recently.
- Daily support levels are at 2228 and Rising 50 Day SMA. Price structure will turn bearish only if these levels are broken.
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- 4 Hour chart shows price moving up from 200 Period SMA.
- Immediate resistance at 50 Period SMA and if bulls move above this line it could lead to 2273 levels. Weakness at 50 Period SMA may give an intraday sell.
- CRUDE Oil bullish price action
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- ES 4 Hour has broken the swing low of 2243. Next possible support at 2233.
- 4 Hour time frame shows price below 100 Period SMA. Bigger weakness only if price break below 200 Period SMA and 2232 levels.
- CRUDE Oil support and resistance levels
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- Rising Up trend line shown in second chart or the support line of the triangle should hold for bulls.
- Break down below the triangle will take ES towards 1150 levels.
- Bulls are hoping that the low on the Rising trend line acts as a major Higher Low which can keep the up trend going in Higher time frame.
- ES has broken below 50 Period SMA of four hour time frame. It was this setup that has saved bulls for the last 3 times. But this time its looking bad for bulls.
- 2nd chart shows price below the trend line and horizontal support line. Price is moving towards the next support line which may act as support.
CHART-II
CHART-I
- ES Four hour is moving up with negative divergence.
- Price and MACD is diverging.
- Price may hit the resistance line once more before the correction can start. A false spike above the resistance line is also possible.
- Divergence need price confirmation before one can go short. So if price sustains above the resistance line then the divergence will vanish.
- ES Four hour chart with 50 period Moving average.
- Price has given a pull back from this moving average twice during this up move.
- Price is testing the moving average again. Higher low Higher High structure is not yet violated. Breaking the last swing low will change things in favor of bears.
- GOLD NEAR 50 DAY SMA
- ES has violated the rectangle on the upside.
- Hour candles has to close and sustain above the rectangle for this move to sustain.
- A bearish candle at this stage closing into the rectangle may favor bears.
- ES Hour is near 100 Hour sma. Price may give a bounce from this level.
- Price is also near ichimoku cloud in hour time frame.
- For the trend to turn in favor of bears price has to sustain below the cloud.
- AAPL NEGATIVE DIVERGENCE
- This is a continuation of the previous post.
- Price has broken above the resistance line in hour chart.
- Now it has to close above 200 Hour SMA for continuing this up move.
CHART-II
- Up move did not last long as the trend in higher time frames are down. Price got resisted and closed near the bottom of the channel.
CHART-I
- Hour is moving up from oversold levels.
- Price is moving towards the resistance line of the channel
- for bears price should stop at the resistance line. Breaking above the resistance line may extend this up move.
CHART-II
- Descending triangle has broken the support line. So far its looking good for bears. This may go down till 100 Hour SMA. More pain for bulls if that level does not hold
CHART-I
- Break of support line may give good short trade for bears.
- Breaking above the resistance line will negate the bearishness of this pattern.
- I hope for bears it works well like the previous Descending triangle shown in this chart.
- ES is moving up in a channel like formation.
- Right now its in a correction. If the support line is protected price will continue to move up.
- 50 Hour moving average may also act as support level.
- Price falling below 1115 level will favor bears.
- SILVER BOUNCED FROM 100 WEEK SMA
- ES Hits an important support line
- If there is going to be a turnaround it has to be now.
- Break of this line means more pain for bulls.
- Next possible support is at 1123 levels.
- S&P 500 ANALYSIS AFTER CLOSING BELL
