November 12, 2014

S&P 500 Futures update

  • ES Daily shows weakness at the resistance line shown in first chart.
  • Hour chart is testing the cloud. Bears need price to close and stay below the cloud.
  • Last chart also shows price near crucial moving averages in one hour time frame.

NIFTY Chart analysis

  • Nifty is trading in a small range.
  • There is a possible negative divergence developing in daily chart which is yet to confirm.
  • If the range breakout on the upside another highs and a test of the resistance line shown in second chart is possible before the correction can start.