February 23, 2011

SPY Hour chart analysis

  • SPY hour chart is breaking all crucial levels in favor of bears.
  • Price has broken both 50 hour and 200 hour moving average.
  • Bears will be in total control if price remains below 200 hour moving average.
  • Fib levels shows price near 61.8% level Break below this level will fill the gap near 128 levels.

SPY Four hour chart analysis

  • SPY 4 Hour chart near important support level.
  • 50 period moving average in four hour chart has held when spy fell last time.
  • This time too price is trying to form a basing formation.
  • So more pain for bulls only if price sustains below this moving average.

S&P 500 Before opening bell

  • First chart is ES daily time frame with channel formation.
  • Price if continue to sustain below the black line then price will hit the support line of the channel.
  • Important support level shown in daily time frame is between 1294 - 1296.

Nifty Futures support levels

  • NF has support near 5430 level which is the 38.2% retrace level. Price closing below this level will favor bears.
  • As seen in the chart this place between 23.6% and 38.2% is not allowing price to move away from it. So a daily close outside this range may give direction for future.

Nifty Futures intraday update

  • Nifty futures range in hour chart.
  • This 200 points range should be resolved for a bigger move to unfold.
  • Trend lines drawn inside the range may give direction for the intraday moves.

Nifty daily analysis

  • Nifty weekly chart shown with the trend line which can give support for the index in case of a correction. Breaking the trend line will favor the bears.
  • An inverted head and shoulders possibility was shown on monday. Now bears are also putting together a good continuation pattern. If price breaks below 5400 it may confirm a bear flag breakdown which can extend gains for bears.
  • So this one can go either way, lets watch the levels 5400 and 5635