SPY Trend Update

• SPY is moving towards its 50 Hour moving average and the Ichimoku cloud for the same time frame.
• Price has to make a convincing close below 50 Hour SMA and sustain below the cloud to  turn the trend.
• If the correction is limited to the cloud we will see an up move.
• CSCO NEAR WEEKLY RESISTANCE LINE
  

SPY Trend Update

• Hour up trend is not yet changed.
• Price falling below the trend line and 50 Hour SMA will be warning signs for bulls.
• Price sustaining below the cloud may lead to a sell off.
• GOLD DAILY CHART ANALYSIS
  

PIN BAR of SPY

• SPY daily time frame has given a Pin Bar formation.
• Pin bar is a powerful reversal formation.
• Immediate support for SPY is the 50 Day SMA. Bears need to breakdown below 50 SMA for an extended fall to happen.
• Bulls need to break yesterday's high for invalidating the bearishness of Pin Bar formation. If they manage to overcome the Pin Bar they may take price to 100 SMA and beyond.
• S&P 500 RESISTANCE LEVELS
  

SPY Resistance levels

• 119.56 is the immediate resistance level for SPY.
• Price is showing good upward momentum. If price is able to sustain above 119.56 it may move towards 121 levels.
• Hourly indicators are overbought readings which may lead to some correction. For bulls correction should be limited to 117 levels. Price falling below 117 will favor bears for an extended fall.

SPY Trend Update

• Hour chart staying above 50 hour sma will help the bulls.
• Price should also break and sustain above the hourly cloud for continuing this up move.

SPY Support level

• If SPY does not breach 112 on closing basis we may see an up move soon.
• Indicators in four hour chart are poised for a rise.
• Price is in a broad range between 112 - 122 levels. The lower end of the range is getting tested. Indicators are suggesting for a bounce so bulls may get some relief for a while.
• ES POSITIVE DIVERGENCE
  

SPY Sell Signals

• SPY Four Hour chart with Stochastic indicator.
• As long as price stays in this broad range stochastic buy and sell signals from over sold and overbought levels will work well.
• Last two sell signals has given good short trades.
• We may get another sell signal soon. But stochastic is yet to turn down. Price may start to move in favor of bears if 120.32 is broken.
• GOLD DESCENDING TRIANGLE UPDATE
  

SPY Intraday Update

• SPY 5Minutes chart is showing negative divergence
• trend line break may give a correction in favor of bears
• Price staying above the trend line may not do anything for bears

SPY Hits Resistance line

CHART-II UPDATED

CHART-I

• SPY hits the resistance line at 118.60 and starts to come down.
• Price has to stay above this resistance line for an up move to happen.
• Failure to stay above the resistance line and falling below 117.56 may result in a bigger correction.
• SPY RESISTANCE LEVELS AND GAP - YESTERDAY'S POST
  

SPY Resistance levels

• GAP and Resistance line may favor bears for a correction. Price may start to correct without filling the gap.
• For bulls price need to break above the GAP and the resistance line.
• GOLD SUPPORT AND RESISTANCE LEVELS
  

SPY Trend Update

• Price in hour chart is near resistance level and 200 Hour moving average. So it is a confluence of resistance and it will take a really strong bull to breakout above this level. Price staying above 200 Hour moving average will change the structure in favor of bulls.
• Price continue to stay above 50 Hour moving average. Any weakness will be visible if price starts to trade below 50 Hour moving average.
• CRUDE OIL TRIANGLE BREAKOUT

Range of SPY

UPDATED CHART

• Up move was resisted at the top of the range mentioned in the below chart.
• Break of 117.61 can extend this down move.

CHART-I

• SPY is trading in a range 117.61 to 120.74.
• 119.22 level is acting as mid point. 
• GOOG FALLS BELOW 50 DMA
  

SPY Trend Update

• From 5 Minutes to 30 Minutes price is still below 50 period moving average.
• Bulls are finding it difficult to hold on even in the 5 Minutes chart.
• A definite change will happen above the cloud in 30 Minutes time frame.

SPY Support level

CHART-II

• Weekly support level mentioned in the below chart did not hold for long.
• Price violated that level and closed the day below it

CHART-I

• SPY Weekly chart shows support around 121.70 levels
• This level may hold for sometime.
• Next leg down will happen only if this level is taken out.

SPY Trend Update

• Price is trying to move up in smaller time frames.
• But the bigger trend is still down.
• So Intraday longs will face selling pressure at higher levels.
• Price still below 50 period moving average and cloud so sell on rise.