- Up move of SPY is accompanied by Low volume candles.
- The candle which made it above the 200 SMA is showing the Lowest volume.
- SPY is yet to close above the resistance line unlike the other charts.
- If volumes pick up next week we may see this continue till 128 levels were the Upper Bollinger band may act as resistance.
- For Dow Jones price is above 200 Day SMA and the slopping resistance line.
- One resistance level to cross is the horizontal resistance line at 12284 levels.
- Closing the day and week above this level will help bulls to extend profits.
- If price closes the day below the horizontal line it may trigger a short trade for next week.
- Today's closing being a daily and weekly close its important for bulls to stay above the trend line and 200 SMA Till closing bell.
- On the contrary if this is a false spike and ends up closing below 200 SMA and the resistance line then bears may get a good short trade.
- Copper daily chart with resistance line
- Resistance line coincides with 100 Day Moving Average.
- Current up move might continue only if price is able to stay above the confluence of resistance which is going to be tough.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- MCX Copper chart below this post
- Mild negative divergence in crude oil hour chart which might give a correction.
- Price has to confirm by falling below the Fib levels marked in 2nd chart.
- Price staying above 78.6% will erase this negative divergence and move towards 102 level.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- SPX Weekly chart shows price approaching 50 week SMA which is near 1267 levels. Staying above it can extend this up move towards 1292.
- Weekly chart shows price testing the resistance line and 200 Day SMA. Pull back here means a retest of the support line of the triangle pattern.
- 3rd chart shows the possibility of a golden cross. It also shows a potential fast fall were if 50 SMA does not cross above 200 SMA price will give a fast opposite reaction in favor of bears.
