- ES four hour chart shows price contraction in a bearish continuation pattern.
- 200 and 50 period SMA of four hour still favor bulls. Price falling below these lines will favor bears.
- ES Daily getting resisted at the cloud is not a good sign for bulls. For a bigger up move price has to break above the daily cloud.
- Price closed the week above 50 Week SMA as shown in last chart.
- Multiple resistance levels near 5180 - 5210 zone has to be crossed by bulls for a bigger breakout.
- Price is also trading above 200 and 50 SMA. Price falling below these levels on closing basis will be negative for bulls.
- BANK NIFTY WEEKEND UPDATE
- ES Approaching Golden ratio as shown in four hour chart. This level may act as resistance area.
- Daily picture looks good for bulls so fart. A daily close like this above 50 day SMA should extend this up move above resistance levels.
- SPY WEEKEND UPDATE
- Daily MACD is looking good for bulls. Price closing the day above 50 day SMA will strengthen bulls further.
- Weekly line chart shows price moving up towards 31 levels.
- For bigger up moves price must sustain above 20 Week SMA
- Price yet to make a clean breakout from the channel.
- Price is testing 20 Week SMA. Bulls need a close above this line for confirming a breakout.
- Daily chart shows overbought stochastic But bears need price to fall below 50 day SMA for a meaningful correction. Bulls are safe above 50 day SMA.
- SPY Daily near 50 day sma.and 50% Fibonacci level.
- Weekly stochastic is turning up from over sold levels and has resistance at 20 Week SMA. For a bigger up move price has to sustain above 20 Week SMA.
- Breaking above the parallel channel resistance line should give an up move. As price move up Golden ratio and the daily Ichimoku cloud will be tougher levels to cross. Unable to trade above the parallel channel may result in a sell off.
- First two charts shows the Inverted head and shoulders pattern and Falling wedge pattern making good gains. Falling wedge also shows the next crucial levels.
- Daily chart shows possible resistance at 50 Day SMA.
- Weekly chart shows a possible target of 20 Week SMA for this up move.
