- Yesterday's dip found support at 20 Week SMA as shown in first chart.
- Second chart shows a potential bullish cross in the making. For this the weekly closing should be above 20 and 50 week SMA.
- Declining prices with falling volume will give hope for bulls for an up move.
- S&P 500 EOD UPDATE
ONE HOUR CHART
FOUR HOUR CHART
DAILY CHART
- One hour chart shows a possible double bottom formation. Price has to confirm the pattern by staying above the resistance level shown in the 2nd chart.
- Last chart shows price above 20 day sma. Sustaining above this moving average should result in a bigger up move.
- ES Four hour chart with previous support and 200 period SMA as resistance levels. Bulls must cross these levels convincingly for a sustained up move to happen.
- Nifty's daily bollinger band continue to contract.
- Up move may happen if nifty trades above 20 day sma (5257). Bulls will be weak below yesterday's low.
- Weekly chart is shown with 20 Week SMA. Weekly stochastic is turning down and if price starts to trade below 20 week SMA we may see a bigger down move. If 20 Week SMA is held we may see the opposite move as well so one should wait for the signal.
- NIFTY INTRADAY LIVE CHART
- This bounce may stop at the falling resistance line or the 50 period sma of Four hour chart.
- Price trading above the resistance levels mentioned should take SPX back towards 1392 levels.
- Last chart shows the crucial numbers in four hour time frame.
- SILVER DESCENDING TRIANGLE AND GOLDEN RATIO
- Broken support line of the descending triangle as resistance.
- Breaking below 30.49 or the Golden ratio may extend the correction towards 29.70 levels.
- Getting back into the pattern may result in a bounce towards the falling resistance line.
- Daily chart has broken below 50 Day SMA.
- Next hope for bulls is the daily Ichimoku cloud.
- Hour chart is trending down below 50 Hour SMA and the cloud.
- Breaking 556 will extend the correction towards 547 levels.
- APPLE WEEKEND UPDATE
