- Dow Jones 15 Minutes chart.
- Previous support of 12540 is acting as resistance for today.
- Intraday support is @ 12470 level.
- So this range has to be resolved for a bigger move to happen.
- ASCENDING TRIANGLE OF US DOLLAR
July 12, 2011
- US Dollar is testing the resistance area of 76.60 level.
- Price is not able to stay above this level.
- Sustaining above this level means breakout from an ascending triangle pattern which will favor bulls of dollar in the medium term.
- Ascending triangle of USDollar was shown in this post
- ES briefly fell below 1300 But now back above it.
- For the current bounce 1330 level may act as resistance.
- Fibonacci levels in hour chart too shows resistance near 1332 level.
- So if price goes back to 1330 - 1333 band it will be tough to cross at least on the first attempt.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Nifty 15 Minutes chart with ichimoku cloud.
- Price after giving a triangle breakdown has not touched the cloud even once.
- So in shorter time frame charts its trending down in favor of bears.
- Today's GAP is also crucial if that is not faded soon things will continue to favor bears.
- Nifty may break 5600 today morning because of the global markets.
- Fib levels shows 5531 as the next support level.
- Bearish candlestick of Friday is being supported with follow up selling.
- Closing below 5 day low ema will make bears more powerful.
- If the GAP is large we might see a bounce to partially fill the GAP.
- S&P 500 EOD ANALYSIS
- Fibonacci levels shows the break of 38.2% Fib level. If price sustains below this level this will lead to at least 50% retrace. Price moving back above 38.2% may give an intraday up move.
- 30 Minutes time frame shows price falling below the cloud and 50 Period moving averages. Any rise from here towards the cloud will face selling pressure.
- SPY MOVES AWAY FROM THE ISLAND