UPDATED CHART
- S&P 500 has crossed the 50 hour moving average.
- Now yesterday's high price of 1100 will be the next hurdle to cross.
CHART BEFORE UPDATION
- S&P 500 is testing 50 hour moving average again.
- The index got resisted at the 50 hour moving average yesterday.
- Breakout with good volumes can take the index higher.
UPDATED CHART
- As expected from the below chart the correction is getting deeper
- Dow Jones futures gave a good breakout above 10360 Yesterday and was followed by a near 100 point rally. But the index was not able to sustain at higher levels.
- Today it has given away most of the gains. We had an intraday dip below 10360.
- If the index goes below 10360 again the correction may become deeper.
- As long as the index trades above 10360 long trades can be initiated.
TODAY'S TARGET ACHIEVED
- Minimum target of 15 to 20 points is achieved.
- Nifty is getting resisted near day high of 5448.
- A break out can give 15 to 20 points minimum.
- If it gets resisted it will remain in a range.
- Nifty has given a gap up. But the index has not managed to break an important resistance line in 15 minutes chart.
- Good up move is possible only on a good volume break of the resistance line.
- Nifty closed near day low ema. Nifty has closed below 20 sma for the last 2 days.
- 50 day moving average is approaching the price so the consolidation may come to an end soon.
- DOW JONES END OF DAY ANALYSIS
DAILY CHART
HOUR CHART
- Dow Jones Industrial average closed 103.84 or 1.01% up.
- Index closed above its 50 DMA. But got resisted by the 20 DMA.
- The hour chart also shows how 50 hour SMA acts as resistance.
- DOW JONES HOURLY CHART ANALYSIS
- S&P 500 hits resistance at 50 hour SMA.
- It seems there will be a consolidation at this level before taking the next direction
- DOW JONES HOURLY CHART ANALYSIS
