- First chart is the 15 minutes chart of SPY with support and resistance levels.
- Move above 131.58 will favor bulls for an intraday up move.
- Falling below 130.71 and 130.21 will give another down move.
- 130.21 was the 61.8% Fib level were the correction stopped yesterday. So break of this level will target the GAP area as discussed in YESTERDAY'S POST.
- ES Hour chart with Ichimoku cloud and 50 hour moving average.
- Price is trending down below the cloud. Bulls will face stiff resistance until they close price above the cloud.
- Hour time frame is a sell on rise market now. So 50 hour moving average will act as resistance.
- Bulls should close above 1310 and 1320 for regaining strength.
- SPY HOUR CHART ANALYSIS
- SBI has broken its 50 and 200 dma again. Price closed near the low of the day.
- Price hits the resistance line shown in 2nd chart and turned negative.
- 2565 may act as a minor support Breaking which price will hit 2480 level again.
- SPY hour chart is breaking all crucial levels in favor of bears.
- Price has broken both 50 hour and 200 hour moving average.
- Bears will be in total control if price remains below 200 hour moving average.
- Fib levels shows price near 61.8% level Break below this level will fill the gap near 128 levels.
- SPY 4 Hour chart near important support level.
- 50 period moving average in four hour chart has held when spy fell last time.
- This time too price is trying to form a basing formation.
- So more pain for bulls only if price sustains below this moving average.
- APPLE WEEKEND UPDATE
- First chart is ES daily time frame with channel formation.
- Price if continue to sustain below the black line then price will hit the support line of the channel.
- Important support level shown in daily time frame is between 1294 - 1296.
- SPX CHART ANALYSIS
- NF has support near 5430 level which is the 38.2% retrace level. Price closing below this level will favor bears.
- As seen in the chart this place between 23.6% and 38.2% is not allowing price to move away from it. So a daily close outside this range may give direction for future.
