S&P 500 Futures Daily Chart 11 Aug Analysis

Hello Friends,

Once again I am here with my analysis on S&P 500, but first my apologies to post so late. Its a hectic schedule these days and I hardly manage to do some important things on time.

Let me come to the point. I am analyzing S&P 500 Futures based on Daily Chart. What I see is it is facing stiff resistance after a vertical rise in the end of last week. Well, last week was a roller coaster for US Markets, we saw all the drama and suspense accompanied with the obvious thrill.
I told here in my previous post that S&P 500 getting resisted at 55 period EMA and a triangle is forming. Today, it is marginally above the 55 EMA but if we draw a downtrend line from the 19th May high and join 6th June high and extend it, we get the line of intermediate downtrend. Currently S&P 500 is struggling below the line and my guess is it could fall from here and may be it retests the hammer of 15th July. If that's not the case and we see a consolidation and then a breakout, we may possibly see it going to as high as 1350 ! the 200 Period SMA.