- ES is nearing the Golden ratio for the current rise from 1302 level.
- Price has broken below 200 Hour moving average.
- Price sustaining below 200 Hour moving average will favor bears.
- If an intraday bounce is to happen it might happen from 61.8% retrace level
- ES Daily line chart shows price near 1341 - 1342 level which is an important Support and Resistance level. If bulls manage to move above and close higher from this level they can extend gains up to 1375 level.
- If bears manage to pull down and close below this level price may start to correct again.
- Price in hour chart is moving up in a channel. For bears they should try to break the channel, Price staying in the channel will favor bulls and small corrections within the channel can be used for achieving newer high's.
- Nifty has managed to get into the Bear flag pattern.
- Now that the resistance line is crossed price may target the upper trend line.
- Nifty Closes above 20 DMA and if sustains above this level will soon reach the 50 day moving average.
- MACD and Stochastic are still favoring bulls. Indicators are yet to become weak.
- The hammer seems to be working well for bulls so far. Price closing towards the high of the week will increase the validity of the Weekly bullish hammer
CHART-II
- Price gave a correction as discussed in the below chart.
- Now it is near 50 Hour moving average and the channel support line. So an up move is possible from this level.
- Bears will become stronger if they manage to break the channel.
CHART-I
- ES Hour with the Ascending channel.
- Price at 1343.75 hits the channel top. We may see a correction But things will favor bulls till price remains in the channel.
- 1334 is an important support level for today.
- ES BREAKOUT
- Daily chart shows Two more resistance for bulls to break.
- Closing above 5560 will target 5605 and then the 50 day moving average.
- Nifty did a pause day yesterday at its 20 day moving average. So close above this level will help bulls to extend gains.
- Closing above 20 DMA Price will target 5550 level were the resistance for index is strong.
- Weekly chart's Triangle is looking good. After finding support at the triangles support line with the help of a bullish hammer Price looks like it is ready for an up move towards the resistance line of the triangle and if that succeeds 5700 may be achieved.
- For bears Price has to break 5348 - 5370 support level on closing basis.
- S&P 500 Futures Four hour Chart
