February 9, 2011

SPY Hour chart analysis

  • Like ES spy too is doing a small rising wedge in hourly chart.
  • One can expect a correction if spy falls below 131.70 levels.

S&P 500 Futures Before opening bell

  • ES Four hour chart is showing a rising wedge pattern.
  • Price has given a negative break of the supporting trend line.
  • If ES breaks below 1313 and sustains below 1313 bears will extend gains.
  • If Price fails to break below 1313 we will see another new High for ES soon.
  • DOW JONES RESISTANCE LEVELS

Nifty Futures intraday update

  • The resistance line shown in 5 minutes chart is also a possible neck line of a small inverted head and shoulders pattern.
  • If 5309 is taken out by bears then the balance of power will shift towards bears and they will get stronger if day low(5263) breaks again.
  • Breaking above the resistance line and closing above this line may confirm a short term bottom for nifty futures.
  • RCOM DESCENDING TRIANGLE

Nifty Breaks another support level

  • 5350 too has gone without any big fight. Bears did it easily.
  • The broken level is also the golden ratio. So the next target is the 78.6% level at 5118
  • The RSI in weekly chart is slipping below 30% line again. This may give an oversold bounce.
  • EURUSD DAILY CHART ANALYSIS

DOW JONES Resistance level

  • Dow Jones monthly chart with Fibonacci levels.
  • Fibonacci levels for the fall from 14198 to 6469.
  • 12500 is near the 78.6% fib level which may act as the next resistance level.
  • SPX SUPPORT AND RESISTANCE LEVELS