- First chart is the 15 minutes chart of SPY with support and resistance levels.
- Move above 131.58 will favor bulls for an intraday up move.
- Falling below 130.71 and 130.21 will give another down move.
- 130.21 was the 61.8% Fib level were the correction stopped yesterday. So break of this level will target the GAP area as discussed in YESTERDAY'S POST.
February 24, 2011
- ES Hour chart with Ichimoku cloud and 50 hour moving average.
- Price is trending down below the cloud. Bulls will face stiff resistance until they close price above the cloud.
- Hour time frame is a sell on rise market now. So 50 hour moving average will act as resistance.
- Bulls should close above 1310 and 1320 for regaining strength.
- SPY HOUR CHART ANALYSIS