November 9, 2017

S&P 500 Futures intraday update

  • ES 4 Hour chart shows price violating crucial moving average line. Last violation of the line was short lived. Bears hoping for a close below this line and the 4 Hour cloud this time for a bigger down swing to follow.
  • Weekly chart too looks good so far But with one more day to go for the weekly close things may look totally different by this time tomorrow. 

ES Analysis before opening bell

  • ES 4 Hour chart shown with 100 Period SMA. No trend change possible unless this line is broken on closing basis.
  • Bears in daily is trying for Bearish engulfing pattern. Bears need a close below 2583 levels to confirm. 

CRUDE Oil Chart update

  • Crude oil one hour is nearing 100 Period SMA.
  • Price in a bearish channel in one hour. This is mostly bullish in a major up trend. 
  • Price is also near weekly resistance line.