- ES daily chart with support and resistance lines.
- Price has taken support on a trend line, Support levels are rising which can form a bullish ascending triangle pattern.
- If the support line holds we may see an upper breakout above 1276.75.
- Breaking the support line will favour bears. Bears can get good gains only if they manage to break 1257 and 1255.50.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Today's support levels are or should i say the levels that are going to break are 5740 and 5690.
- 5740 looks important in weekly chart. First chart shows weekly trend line which acted as resistance may act as support. Break of 5740 will ensure the failure of this set up. which means going down to 5690.
- And break of 5690 means going below the recent low. which may take it to the 200 DMA.
- So bulls has to protect either 5740 or 5690. Seeing the momentum with which bears are coming it looks highly unlikely that these levels are going to be held. Any way lets wait and see what happens.
- Trend line in daily chart is being tested. Price violated the trend line today but managed to close above it. Next time if price comes below the trend line we may see price closing below the trend line.
- Hour chart shows 50 hour moving average giving support to bulls. We had a nice up move exactly from 50 hour moving average today.
- 30 minutes chart shows a triangle pattern which can give direction in the short term.
- QQQQ RISING WEDGE PATTERN
- QQQQ Hour chart is breaking resistance levels and moving up.
- Closing above 56.05 will favour the bulls.
- Hour is forming a rising wedge pattern which can keep the bears interested.
- Weekly chart of EURUSD with Fibonacci levels
- The golden ratio of 61.8% is at 1.2785
- Previous low on weekly chart is 1.2586
- Long trades are possible from these levels.
- SPY SUPPORT AND RESISTANCE LEVELS
- SPY is in a range of 126.15 to 127.86
- Recent fall took support at 126.15 so further correction will be possible only if 126.15 is broken on a closing basis.
- Things will look positive for bulls if price starts to trade above 127.01 again.
- Channel of ES in four hour chart has given a negative price action.
- Bulls has to close above 1263.50 for continuing the up move again.
- If price continue to trade below 1260 ES will start to drift lower.
- Immediate Support levels are 1257 and 1255.50
- BIDU BREAK ABOVE 50 DAY MOVING AVERAGE
