- SPY Daily near 50 day sma.and 50% Fibonacci level.
- Weekly stochastic is turning up from over sold levels and has resistance at 20 Week SMA. For a bigger up move price has to sustain above 20 Week SMA.
- Breaking above the parallel channel resistance line should give an up move. As price move up Golden ratio and the daily Ichimoku cloud will be tougher levels to cross. Unable to trade above the parallel channel may result in a sell off.
- First two charts shows the Inverted head and shoulders pattern and Falling wedge pattern making good gains. Falling wedge also shows the next crucial levels.
- Daily chart shows possible resistance at 50 Day SMA.
- Weekly chart shows a possible target of 20 Week SMA for this up move.
- Gold testing the resistance line and crucial fibonacci level.
- Price sustaining above daily cloud will favor gold bulls.
- For a bigger up move price has to sustain above crucial moving averages.
- Unable to break above the resistance line may result in a sell off.
- ES Four hour chart shows resistance at 200 period SMA and 50% Fibonacci level. These levels has to be broken for a bigger up move to happen.
- Getting resisted here will result in a correction towards 1300 area.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- MSFT Trying to form a base near 200 Day SMA.
- Weekly chart shows previous resistance level giving support.
- Price is inside a falling wedge pattern.
- Crucial support are 28.81 and 200 SMA. For bulls price has to breakout above the falling resistance line and 29.81 level.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Nifty is getting resisted at the daily cloud. Bulls need to move into the cloud for the current up move to continue.
- Moving above 5144 will favor bulls.
- A negative weekly candle below the resistance line and 50 Week SMA as shown in last chart will favor bears.
- Weekly chart shows a Successful breakout above 1335 could target the middle bollinger band.
- Daily chart shows potential resistance at 50 Day SMA on an up move.
- Hour chart shows price closing near the neck line of an Inverted Head and shoulders pattern. A clear breakout could either target 50 Day SMA or 20 Week SMA.
