- Month has a bearish engulfing pattern.
- Week too has a bearish engulfing pattern which has done well so far.
- Daily too is looking weak But remember all these noise is taking place above 200 Day SMA. One can make a great relation between the Monthly bearish engulfing pattern and the Daily 200 SMA. If bulls manage to keep price above 200 SMA then the bearish engulfing pattern will be ineffective. But if bears bring down price below 200 SMA the a bear market is possible with Month bearish engulfing at the Top. So bulls must at all cost defend 200 Day SMA.
- S&P 500 Weekend update
- ES Daily chart shows a bullish reversal candle at 100 Day SMA.
- 30 Minutes chart is testing the cloud top again. But this time price structure is favouring bulls to break above the cloud.
- Bulls need price to stay above 2700 levels to confirm strength. Weakness if price falls below 2670 levels.
- ES Daily is testing 100 SMA.
- One hour and 30 Minutes time frame shows trending moves. Bulls must hope that the test of 100 SMA in daily work in their favour.
- The trend of 30 Minutes will pause or end if price moves above the cloud or above 2670 or 2685 levels.
- ES Rising wedge target levels
- Rising wedge correction continues to do well for bears.
- Bulls are seeking support at 100 Day SMA. Bears hoping for a break of this line to target 200 Day SMA.
- For now bulls are safe above 100 SMA. Weakness starts when price stays below 2659.
- TWIN Bullish shadows of ES @ 200 Day SMA
- ES 4 hour chart shows the rising wedge breakdown. First target is around 2683 levels. Bulls may try a bounce from 2683 levels. Bigger weakness if price break and stay below 2683 levels.
- First chart shows price getting resisted at previous broken support level around 64. Price is now heading towards 60.70 levels. If daily candle closes below 50 Day SMA then a bigger fall is likely towards 100 SMA or 58 levels.
- ES Charts after closing bell
- Gold daily chart shows price nearing support zone.
- Hour chart looks like it will give another low towards 1300 - 1310 zone before a bounce can happen. Any fall below 1300 on closing basis means bigger trouble for Gold bulls.
