- ES is moving towards 100 Hour SMA we might see a decisive move from this moving average.
- Violation of the support and resistance lines or the up trend line may trigger a big move.
- For bears the violation of cloud did not sustain. If price dips below the cloud again we may see good move in favor of bears.
- For bulls price shall breakout and sustain above the resistance line.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Another attempt to cross 200 SMA has failed.
- Hour charts has not lost momentum yet. Price is closer to crucial resistance levels and is staying above 50 and 200 Hour SMA's
CHART-II
- Price is not sustaining above the resistance line It is testing the Cloud again.
- One should also note that Price is forming a range around the 200 SMA in daily, so breaking the major high and low in hourly time frame on closing basis may give good direction
CHART-I
- Correction in hour chart has been supported by hourly cloud till now.
- For bulls the marked resistance line has to be taken out.
- Correction from here and a retest of the cloud may turn things in favor of bears.
- SPY WEEKEND UPDATE
COPPER 30 MINUTES CHART
COPPER DAILY CHART
- Copper Hour chart is showing a range after the breakout. 3.5013 is the crucial support and Resistance at 3.7398
- If price manage to breakout of this range then it might target 3.7398 levels.
- Price has given a breakout above the resistance line in daily chart. Any pull back may take support at this line.
- SPY WEEKEND UPDATE
- SBI is trading above its 50 Day moving average which is good for bulls. But price is about to test the resistance line in weekly chart and the 20 Week Moving average.
- Earlier the up move was started by a perfect hammer candlestick in weekly chart. Now if it is to continue price has to breakout and sustain above the resistance line and Middle bollinger band. Any weakness at the above mentioned levels will be an opportunity to go short.
- NIFTY WEEKEND UDPATE
- Price is reacting negatively from 200 SMA and the resistance line.
- For Bulls price has to stay above 200 SMA for continuing the current up move.
- MACD is looking good for some more up side But price has to support bulls by breaking above the resistance line and 200 SMA.
- This entire up move is a corrective one for the fall from 134 levels and this up move is not supported by an increase in volume as shown in the last chart. Hope for bulls is a breakout above 200 SMA along with volume spike. If that does not happen bears will be in control soon.
- Price has closed above 50 Day SMA. MACD is showing a good buy signal.
- For bulls price is approaching a cluster of resistance in the form of Week High EMA, 20 Week SMA and the Golden ratio which might succeed in slowing down price momentum.
- If 50 SMA continue to hold we may see price breaking the resistance levels mentioned above.
- Bears would be hoping that price gets resisted near golden ratio and close below 50 Day SMA.
- So in short if bulls are able to face the approaching resistance levels and protect 50 SMA then this rally will gain further momentum on the upside.
