- ES Four hour chart is still below the resistance line.
- Four hour chart also shows a bearish cross. So bulls must break and stay above 50 and 200 period SMA for negating the effects of bearish cross.
- Crossing 50 period SMA may give an up move towards 200 period SMA.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Crude oil daily chart in a falling channel.
- Corrective phase will end only if price is able to stay above 50 SMA as shown in second chart.
CHART-II - ONE HOUR
- Nifty one hour near 200 Hour SMA and Range Top. Price closing above 5306 will favor bulls.
CHART-I - FOUR HOUR
- Nifty is yet to breakout above the falling resistance line.
- Price also has to stay outside the range in the shaded area for a bigger move to happen.
- Hour chart shows resistance in the form 50 and 200 Hour SMA
- Nifty daily closed below 20 Day SMA again. Closing the day above 20 SMA should give momentum for bulls to move up.
- Volume is decreasing day by day. Price and volume increase from the current levels should give good direction.
- Month chart shows an ascending triangle. If price stays above the resistance line of the channel we may see the resumption of the up move. Price falling into the channel is negative and a retest of the up trend line is possible.
- S&P 500 EOD UPDATE
- Price made another attempt to stay above 50 Day SMA and failed.
- Price is in the middle of a range between 1357 and a cluster of resistance on the upper side as shown in above charts.
- Four hour chart also shows a possible bullish pattern. But price staying below 50 Day SMA will continue to give hope for bears for a possible breakdown.
- Google daily chart has fallen below the up trend line.
- Price has also given a breakdown below 50 Day SMA.
- Next hope for bulls of Google is the 200 Day SMA
- QQQ Daily chart hits 50 Day SMA.
- Price also touched 23.6% Fib level.
- Previous resistance level was 65.08 which may act as support.
- Daily close below these levels will add strength to bears.
- APPLE WEEKEND UPDATE
