Breaking above a symmetrical triangle on 30-minute timeframe
Odds are for an up day
Markets Around The World
Markets in the East were mixed – Shanghai, Tokyo, Hong Kong and Sydney were down; Mumbai and Seoul were up
European markets are mixed – Germany, France and Spain are down; Italy and Switzerland are up
Dollar index and USD/JPY are down; EUR/USD and GBP/USD are up
Commodities are mostly up except for NatGas
Key Levels:
Critical support levels for S&P 500 are 2133.59, 2130.09 and 2124.57
Critical resistance levels for S&P 500 are 2145.73, 2152.41 and 2154.79
Key levels for eMini futures: break above 2140.00, the 11:00 AM high on October 26, for bulls and break below 2130.00, the low of 5:00 AM, for bears
Pre-Open
Pre-NYSE session open, futures price action is to the upside; at 7:00 AM, S&P 500 futures were up[ by +3.75, Dow by +20.00 and NASDAQ by +7.25
On Wednesday, at 4:00 PM, S&P future (Dec contract) closed at 2133.25 and the index closed at 2139.43 – a spread of about 6.25 points; futures closed at 2134.00 for the day
The trend and patterns on various time frames for S&P 500 are:
Current uptrend under pressure; need to rise above 2187.87 to relieve the pressure
Up trend since Feb 08, 2016 with one pullback; broke out of a 2-year trading range in July, 2016
Last swing low, 1991.68, was reached on June 27, 2016
In danger of making a small bearish ABCD pattern; a break below 2119.12 will complete it with a target near 2104 level
At the broken resistance or 2015 high; made a green harami within a large red candle of the week of October 10
Daily
Uptrend remains under pressure; need to rise above 2179.99 to relive the pressure
Below the previously broken down trend line
Tuesday lost almost all gains of Monday; price broke above Monday’s low , which is not good
The 14-day RSI has come back to the downtrend line that it broke to the upside on Friday
For the down turn, a break below 2114.74 will change the trend
2-Hour (e-mini future)
Fell back into the ascending triangle that it broke to the upside on October 20; fallen below the uptrend line, which started on 10:00 AM October 13
Downtrend since 10:00 AM on September 22 – mostly lower lows and lower highs; need to break above 2156.50 to break this downtrend line
Trying to regain the uptrend line that was broken/traced on October 26
30-Minute (e-mini future)
Forming a symmetrical triangle
Fallen back into the horizontal channel that it broke above at 3:30 AM on October 24 after a break above it that lasted one day; back to the middle of the channel
Down trend since 5:00 AM October 25
Previous Session
Major U.S indices declined but their later session price-action was better. Most closed above their open.
Dow Jones Industrial Average made a large green bodied candle. It was also up for the day. S&P 500 made a near doji at the middle of the range. So did Dow Jones Transportation Average.
