Nifty Futures Below 200 SMA on Hourly Chart

Friends,
Today I post my view and analysis of NSE Nifty Futures based on the Hourly Chart. The one thing I noticed during the trading time was in the last hour Nifty Future tried its best to save the 200 Period SMA but failed and closed well below it.

If you notice the chart, Nifty Future has been maintaining well above the 200 Period SMA since 22nd July when it first crossed it. As I have already expressed in my previous posts, I expressed my doubts about the up move that had taken all bears by surprise when it reached around 4600+ levels.

The question is what now? Well, as my past experience tells, there should be one attempt at least to regain the 200 SMA (around 4300 now) and then the further course of action should be taken.

As forUS Markets, the S&P 500 Futures, there are two levels that I am keenly interested in :

1. 1272 - If it manages above this number for few hours, then even a touch to 1285 is possible in very short term. (At the time of writing this post, it is at 1275 so some hope for bulls)

2. 1285 - This is where the Daily Resistance is. If this number is conquered on a closing basis, then only bulls have any outside chance of regaining momentum.