January 26, 2011

SPY intraday update

  • SPY 15 minutes chart with intraday support levels.
  • 129.64 and 129.18 are levels for bulls to defend to sustain the up move.
  • Falling below these levels may give selling opportunities.

GOLD Near Support level

  • Gold is trading near its support area at 1314 in daily chart.
  • daily chart is also showing a possible rounding top pattern. Break of 1314 will extend the correction. Rounding top forms the shape of an upside down "U". A rounding top may form at the end of an extended upward trend and indicates a reversal in the long term price movement. The pattern can develop over several weeks, months or even years, and is considered a rare occurrence by many traders.
  • If price gets support at 1314 and followed by a rally will negate this bearish pattern

S&P 500 Futures Before opening bell

  • ES Hour chart with an ascending channel formation in hour chart.
  • Right now price is correcting from the top of the channel.
  • If price breaks the middle line we may see a deeper correction.
  • Getting support near the middle line will favour the bulls the push the price up further.

S&P 500 Analysis after closing bell

  • Bulls staying above 1292 may push the price higher. 
  • Price momentum in the final hour favours bulls to make a new January high.
  • Price closed above 50 hour moving average.
  • 1280 is the support level for bears to break to gain downward momentum.
  • Price has closed above 78.6% Fib level of the recent fall, it looks like the price momentum may take it above 1292 and 1296 shortly.