- ES Charts looking bearish as price has broken below the channel support line.
- ES Four hour chart is also testing the 200 period SMA. Sustaining below this level will strengthen bears further.
- One hour chart is unable to trade above the Ichimoku cloud. Only a cloud break at this time frame can give some hope for bulls of ES.
- SPX ANALYSIS AFTER CLOSING BELL
- SPX Managed to save 50 Day SMA on closing basis.
- Hour chart shows price getting support at a crucial trend line. If price sustains above 1343 - 1347 level it could move towards 1360 - 1365 level before falling down.
- For bears breaking the cloud of four hour could give 1310 and lower levels.
- MSFT Testing Crucial support line and 200 Day SMA.
- Price was unable to break above the cloud and started falling. Price closing below the trend line and 200 SMA should lead to 28.31 levels. Breaking this level will strengthen bears.
- Holding above 200 SMA and the trend line should lead to an up move towards the resistance line again.
- SPY SUPPORT LEVELS
- ES Four hour chart near channel support line.
- Price is also near 200 Period SMA.
- Breaking 38.2% Fib level and 200 Period SMA could extend the fall.
- SPY SUPPORT LEVELS
- GAP on the first chart shows a possibility of an island cluster formation if the news on the result day is good. But charts are showing bearish possibilities.
- Chart has a Death cross in place.
- Weekly chart is showing a bearish flag which is a continuation pattern.
- Last chart of daily time frame looks interesting we had a bearish engulfing and a close below 50 SMA a day before the last results. One can look for similar clues this time too.
- It's not a good idea to predict the direction for such news events so if one is expecting a large move its better to go with options. A straddle can give good profits if the stock gives a large one directional move.
- SPY Near 50 Day SMA.
- One hour chart too is showing a similar setup with price near 50 Hour SMA and 38.2% Fib level.
- Supporting trend line shown in 2nd chart too may act as support.
- For extending the down move price must close below these levels. Taking support here may result in a bounce.
- GOLD TRIANGLE PATTERN
- Gold daily chart in a contracting triangle pattern.
- For confirming an upper breakout price should trade above 100 Day SMA and the resistance line.
- Downside may be limited because of the strong weekly support levels near 1520 levels.
