Wednesday, September 17, 2008
S&P 500 Future Hourly Chart as on 18th Sept (Pre Market)
S&P 500 Future is moving all over over the place and today I'm presenting here Hourly Chart to tell my view about coming day. For last few days its a real thrilling roller coaster ride for traders and small understanding of technicals is proving to be effective, rather than going by complex methods which many use.
Looking at the Hourly Chart of S&P 500 Future, 1180 is where the 34 Period EMA (red curved line) is and its acting a good resistance. Also, look at the RSI - it is near 50. If it anyhow manages to get above it, then the next to look at is 55 Period EMA (blue curved line) near 1190.
In my last post I told that 1200 was a good support earlier and should act as big resistance in coming days. It broke that resistance for some small period of time and then again fell below it. I still maintain that there is going to be big resistance thereabout and at most I see around 1225 as that is 200 Period SMA on hourly chart.