SILVER Violates support levels

• Silver has gone below 26.40 which was an important support level in hour chart.
• Next support is at 25.86, Trading below this level will be negative and it can push the rate down to 25.21 initially.

SPY Support levels

CHART-II

• Support broken at the fourth attempt
• This area may act as resistance now.
• We may see an up move after filling the GAP

CHART-I

• SPY is finding support at 120.67 area. 
• Today price hits this area for the 3rd time in hour time frame. This has the making of a triple bottom reversal pattern. But if it gets tested again bears may be successful in breaking it

S&P 500 futures before opening bell

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CHART-II

• Descending Triangle mentioned below has given a good trade for the bears. Low made was 1193. Price is still finding resistance at the resistance line of the triangle pattern.
• Even if price manages to break above the resistance line of the pattern, 1213 seems to be a tough resistance area for bulls to breakout.

CHART-I

• ES has a descending triangle pattern that can give good direction.
• Descending Triangles usually gives a breakdown of the support line.
• But ES is showing good support at 1200 so this may again act as a support area.
• If price breaks the resistance line of the triangle pattern than price should sustain above 1213 for making good up moves.

A day for the bears

• Nifty futures 5 minutes chart with ichimoku cloud and trend line.
• See the power of the trend the cloud is not even touched once by the price, Even though it is the 5 minutes time frame.
• Every rise of NF was sold off.
• 6090 was an important level a trend line in 4 hour time frame is violated. 

Nifty daily analysis

• Nifty found resistance at the top of the broadening pattern. As mentioned in a PREVIOUS POST 6284 turned out to be a good resistance zone for nifty spot.
• Bulls will gain strength only if they trade above 6284.
• price closed below 5 day low ema which is negative. 

Descending Triangle of S&P 500

• ES did move to 1200 But did not stop there. Instead it broke and made a low of 1193.

CHART-II

• As discussed below the breakof upper boundary found resistance around 1213
• ES will move towards 1200 now and may find support near that level.

CHART-I

• ES has a descending triangle pattern that can give good direction.
• Descending Triangles usually gives a breakdown of the support line.
• But ES is showing good support at 1200 so this may again act as a support area.
• If price breaks the resistance line of the triangle pattern than price should sustain above 1213 for making good up moves