September 7, 2010

S&P 500 futures in a channel

  • S&P 500 futures hour chart has violated the support line.
  • But it is not falling as expected. 1085 - 1088 region is crucial for bulls and bears.
  • If 1085 breaks we can see good correction
  • S&P 500 futures hour chart is trading in a down trending channel.
  • It is close to a breakout point. The index can give good direction soon. 
  • Break of the support line will favour bears.
  • Hourly stochastic is showing some positive divergence. But it seems there will be another down move before the positive divergence in hour chart shows its effect.
  • Wait for a clear direction before taking a trade.

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