- JPM Near 50 Day SMA, Daily Ichimoku cloud and 38.2% Fibonacci levels.
- Confluence of resistance may stop the advance of bulls for now.
- Close above these levels could target the GAP area. Negative close today may take the stock back to 23.6% fib level and below it.
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S&P 500 ANALYSIS AFTER CLOSING BELL
- Crucial chart for shorter time frame traders is the second one, price is stuck between the 200 Hour SMA and the Ichimoku cloud. Breakout could give a meaningful move in ES
- A bigger move might not happen until the contraction shown in daily chart gets resolved.
- 4 Hour cloud shown yesterday is acting as strong resistance.
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S&P 500 ANALYSIS AFTER CLOSING BELL
- Nifty continues to move in a channel.
- Hour chart also shows support near 5090 and 100 Hour SMA. There was spike below 100 Hour SMA but it was not broken on closing basis. So for bears hour closing below 100 Hour SMA Will be the first warning and close below 5090 will turn things in favor of bears.
- For bulls they have to break through the 5180 - 5200 zone which looks unbreakable. Bulls has to break it on closing basis to confirm a breakout.
- First chart shows price moving in a narrow band which is inside a larger price range.
- Second chart shows price contraction which may result in a big move.
- Daily chart shows price near the Ichimoku cloud which may act as resistance. Last fall too started near the daily cloud.
- CAT is about to test the weekly up trend line.
- Daily chart has a death cross which is doing well so far.
- Price continues to trade in a descending channel. Some hourly charts are showing positive divergence. If the bounce happens it should trade above 86.88 levels for a stronger up move to happen.
- ES one hour near 200 Hour SMA.
- Price near 50% and Golden ratio fib levels.
- ES Four hour cloud too may act as resistance.
- Price advance may continue only if price is able to sustain above 200 Hour SMA.
- CRUDE OIL TRIANGLE PATTERN
UPDATE-II
- Failed pattern gave good correction in favor of bears. Price falling back into the pattern is a good entry for failed patterns.
UPDATE-I
- Crude oil showing a triangle pattern in Four hour chart. This time frame has Positive Divergence Which was shown in the previous crude oil post.
- Up move may find resistance near 80.81 level and 100 Hour SMA.
- Week chart shows strong support near 74 - 75 level. Doji candles near the support level may favor bulls for a reversal.
- CRUDE OIL POSITIVE DIVERGENCE
