S&P 500 Futures analysis before opening bell

• 4 Hour support line discussed earlier is violated. Bears need a close below the pattern. Daily time frame shows price near 50 Day SMA. Daily close below 50 SMA will strengthen bears further.

ES 4 Hour chart update

• 4 Hour chart shows price testing crucial support lines.  Sustaining below these lines may lead to bigger correction.

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ES Negative divergence update

 

• The negative divergence which was discussed in a previous post has given weakness. But for a trending move in favour of bears to happen price need to start closing below 50 day SMA.
• CRUDE OIL NEGATIVE DIVERGENCE

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Nifty chart Analysis

• Nifty got resisted near 8000. Now price moving towards the support zone near 7500 levels. Daily chart shows a bullish structure a possible Inverted head and shoulders. For this one to look good price should stay above 7500 levels. Weakness below 200 SMA But this will become a worry for bulls only if price starts to stay below 7500 levels. 4 Hour chart shows a possible bearish head and shoulders pattern.

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ES Support and Resistance levels

• ES daily shows price staying below the crucial resistance zone around 2100. Daily also shows 50 and 200 Day SMA as crucial support levels.
• 4 Hour chart shows rising support line. Weakness if price starts to stay below this line.

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Crude Oil Weekend Update

• Crude oil week moves back to the cloud. price broke below the cloud when it was around 100. Now price may stall or a correction is possible from the current levels.
• Daily chart shows price at possible channel resistance. MACD shows possible negative divergence developing. Now Crude bears need price to show some weakness here to confirm negative divergence.
• Yen Vs US Dollar Weekend update

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Yen Vs US Dollar Weekend update USDJPY

• Month of USDJPY is likely to hit 100 - 101 Levels for this breakdown. There could be bounces at 105 and 103 Levels which is likely to be small. If the Daily structure remains like what is shown above price is likely to hit the Monthly Target soon.

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