DAILY CHART - LINE
DAILY CHART
- The hourly time frame looks bearish now with the break down of the trend line. Or the channel bottom line.
- The daily time frame is trading near the upper end of the range with a negative bias.
- The falling wedge that i have posted here in line chart still looks good for some more upside. But as you can see in the 3rd chart we have a shooting star near the top of this trading range. Although the body of the shooting star is not perfect with that long upper tail it looks bearish.
- so to summarize the hour looks bearish the daily chart looks neutral.
Hi Sir nice stuff here..
ReplyDeleteHi traders,
My thought for tuesday.
Test EMA200 and close below friday close. Wasn`t a good close but bears need to close hourly below 1077.
Key suport short-term range [1077,1082]. Close below 1077 expect 1065 possible extension to 1050.
Stochastic overbought conditions Rsi testing lower band neutral zone.
Blue Trendline tuesday (15/06) sitting 1098.05
Resistance Key area [1100,1106].
Resistance Key level 1115 reversal trend short-term
Key level dowside 1077
Chart here http://3.bp.blogspot.com/_MJqKtyMMr28/TBaTSqkDEuI/AAAAAAAACC8/AmnDJUaT1ws/s1600/spx+15062010.png
Chart 2 http://4.bp.blogspot.com/_MJqKtyMMr28/TBaTpcSQIHI/AAAAAAAACDA/t7BkjqQlRN0/s1600/spx1+15062010.png
All update here with last weekly and monthly thought
http://followmarketrend.blogspot.com/2010/06/spx-daily-market-thought-15062010.html
Have a nice week and good luck for tuesday.