DAILY CHART
- SPY daily chart is showing negative divergence with the hlep of the RSI indicator.
- But unless the price confirms, the negative divergence can last for weeks without giving any results
- 117.60 levels seems to be a resistance area as 78.6% Fib level also lies here. So one can see a move towards 117.60 levels next week and a pause there to decide the next direction.
- EURUSD: TREND IS YOUR FRIEND
- Dow Jones has closed above the all important level of 11000
- Next target and resistance for the index comes at 11200
- The daily chart shows the strength of the trend with just one close below the 10 DMA from 10160 levels.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Daily has closed above the trading band of 1150 - 1160.
- Trading well above 10 day moving average.
- Weekly chart is also looking bullish after the successful break of 1150 resistance level. Closing too is near the high of the week giving optimism for the bulls.
- Next likely target for this index is 1210 there will be some resistance near 1170 levels.
- BROADENING PATTERN OF S&P 500
