- ES Four hour chart with 50 period SMA and 38.2% Fib level as resistance areas. Crossing this level will strengthen bulls further. Getting resisted here may result in a pull back towards 20 period SMA shown in first chart.
- SPX WEEKEND UPDATE
- APPLE WEEKEND UPDATE
- Copper is moving up towards the resistance line.
- Four hour chart also shows 200 period SMA which may act as resistance.
- Bigger up move can only happen if price takes out the above mentioned levels.
- See copper MCX chart below this post.
- If 4639 is protected and price moves up above 4750-70 level on closing basis we might see good up moves in favor of bulls.
- Price breaking below 4639 will resume the down move.
- S&P 500 FUTURES UPDATE
- Four hour chart shows price violating 20 period SMA. This time price action looks good for bulls. Hour chart also shows price above Ichimoku cloud.
- Four hour candle closing near the High will confirm this bullishness.
- SPX WEEKEND UPDATE
- APPLE Daily is near 200 SMA
- Indicators in daily chart is showing oversold readings.
- Price is yet to confirm a reversal. Last chart shows a falling wedge like pattern which should help bulls if price breaks and closes above the upper trend line.
- Price sustaining below 200 SMA and breaking below the weekly trend line will be negative for apple.
- SPX WEEKEND UPDATE
- Weekly chart shows possibility of the correction continuing. Daily chart is calling for a bounce from oversold status with price calling at the Golden ratio. But for any turnaround price has to confirm by giving a higher close in hourly charts At the moment price rending down below 20 Hour SMA which should help bears to extend this fall.
CHART-II
- ES could not move above the hourly cloud. Looks like the reversal attempt is about to fail.
CHART-I
- ES Four hour chart shows price testing 20 Period moving average. Bulls need price to close above this level for turning the trend.
- One hour chart shows price pausing at the Hourly cloud. Bulls need a cloud break to turn the trend in their favor. Failing to close above the cloud will be negative for bulls.
- This bounce was started from the Golden ratio in daily time frame So that level has to be held for a short term bottom to be in place.
- ES FIBONACCI LEVELS UPDATED
