March 23, 2012
- ES one hour chart shows the bearish cross with 50 and 100 Hour SMA.
- Price is also getting resisted at 50 Hour SMA.
- Four hour chart shows fibonacci levels and price getting support at 38.2% Fib level. Further down move will happen only if price violates 38.2% Fib level.
- S&P 500 SUPPORT LEVELS
- It was another negative day for SPX. Trend in hour chart is looking a bit damaged but Day and Week charts are looking strong.
- Hour has broken below 50 Hour SMA. Hour trend will turn down on breaking below 200 Hour SMA.
- Immediate Support level is between 1370 - 1377. We have the 20 Day SMA, 200 Hour SMA and previous resistance levels in this area which may act as support on a correction.