Dow Jones Intraday Update

CHART-II

CHART-I

 

• Dow Jones has managed to pull back above its 200 hour moving average.
• CCI indicator shows positive divergence yesterday which has given an up move for Dow.
• If price sustains above 200 hour moving average we may see the rally continue up to the 50 hour moving average.
• Price closing below 200 hour moving average will strengthen the bears again.
• Positive divergence was discussed yesterday IN THIS POST
  
  

S&P 500 Before opening bell

• ES Hour chart is trying for a pull back, But price should remain above the band of 1309 - 1312 for a meaningful up move to happen.
• Price falling below 1309 will favor bears.
• Price is trying to break above the 50 hour moving average and the cloud. Real strength for bulls could emerge once price closes and sustain  above the cloud.
• Price if falls below the cloud again will give a good trade for the bears.
• Dow Jones Positive Divergence CLICK HERE

Nifty daily analysis

• Nifty is moving away from its 20 day moving average.
• Break of the recent low will take nifty below 5000 levels.
• Nifty is developing a similar type of consolidation pattern in daily chart, According to this pattern we may get support near the previous lows.

Dow Jones Positive divergence

• Dow Jones is trading below its 200 hour moving average.
• Distance between 50 and 200 hour moving average is reducing which is a real concern for the long term bull.
• Price and CCI is indicating a positive divergence in the making But divergences to work needs the help of price. It is looking very oversold so expecting a relief rally soon towards the 200 hour moving average.
• SPY SUPPORT AND RESISTANCE LEVELS