July 24, 2012

S&P 500 Futures chart analysis

  • ES Daily chart sustaining above crucial support level of 50 and 200 Day SMA should give hope for bulls of a rally. But four hour time frame and One hour time frame has to turnaround above 50 SMA respectively for a sustained up move to happen.

NIFTY Diamond and Rising Wedge update

  • Nifty's Rising wedge has performed well so far.
  • Performance of rising wedge has also helped the Diamond pattern to look good.
  • Now for continuing the down move price has to close the day below 5090 - 5100 zone which is the 50 and 200 Day SMA.
  • For bulls need a bullish candle from the above mentioned zone to negate the completion of the patterns.
  • S&P 500 EOD UPDATE

S&P 500 Analysis after closing bell

  • SPX Getting support near 50 day SMA and 38.2% Fibonacci level.
  • Daily cloud too help bulls with an oversold bounce.
  • Bears need a cloud breakdown for a trending down move to happen.