Monday, August 4, 2008
Dow Jones and S&P 500 Futures on 4th Aug 2008
Last time when I posted my analysis about S&P 500 on 1st Aug I emphasized on 1260 - 1262 as important levels. On Friday, it remained near that mark and closed just at 1260.
Looking at current Hourly Chart of S&P 500 futures, the signal is down as it is trading well below the 200 period SMA and 13 period EMA. For any upside to be seen it needs to remain above 1265 for few hours. If it continues to go down, the next support is at 1253 and then 1245.
Looking at the Dow Futures Hourly Chart, the situation is even worse. As we can see here the 13, 34 and 55 period EMAs are below 200 period SMA and that signals a quite bearish attitude. Dow Futures need to remain above 11380 to show some strength. As of now, the downside is more in sight.