- SPY Daily chart is shown with the broken support line which may act as resistance.
- Hour chart shows the GAP getting filled in a possible bearish flag kind of pattern.
- Having said that if price starts to trade above the GAP and the broken support line Bulls will gain strength.
- CRUDE OIL WEEKLY FIBONACCI LEVELS
- Crude oil is correcting the rise from 67.14 to 114.82 levels.
- Price correction has reached 78.6% which is near 77.30 levels.
- If this level holds we may see an up move in Crude oil. Breaking this level on closing basis will favor bears crude oil.
- ES is moving up in a channel like formation.
- Right now its in a correction. If the support line is protected price will continue to move up.
- 50 Hour moving average may also act as support level.
- Price falling below 1115 level will favor bears.
- SILVER BOUNCED FROM 100 WEEK SMA
- SILVER fell below 50% Fibonacci retrace level and took support above the golden ratio(61.8%)
- Now price is back to 50% Fibonacci level price should sustain above this level for the up move to continue.
- 100 Week SMA stopped today's slide.
- 32.30 will act as resistance level if the up move continues.
- GOLD RESISTANCE LEVELS
CHART-II
- Getting resisted @ golden ratio.
CHART-I
- NF Bulls has to clear 4818 - 4824 level. If price sustains above this level we may see this up move extending.
- Getting resisted here will favor bears of NF.
- Gold bulls has to sustain above 100 day moving average for an up move to happen
- Price sustaining inside the channel will not help bulls of gold in the short term. For the short term bulls price has to stay above the channel.
- A better price action for a long term investor of gold would be price correction towards the channel support line and a steady up move staying within the channel.
- S&P 500 WEEKEND UPDATE
