Friends,
In past few days we have seen stock markets showing good up movement globally. I am presenting here my analysis based on Hourly Chart of S&P 500 Futures, US.
Looking at the S&P 500 Futures Hourly Chart, I have come to the 1260 level as most important. Following is the summary of my analysis:
1. The EMA sequence is still positive but the price is below 55 period EMA and sustaining there.
2. The 200 period SMA, which is at about 1262 can support it. So far it is maintaining above it.
3. It is well below the 38.2% retracement level of the latest upmove and now the next support is 50% retracement level which is at 1260.
4. 1260 is important in another way also as it is 13 period EMA on Daily chart.
Conclusion: If S&P 500 Futures take support at 1260, then the upmove can resume, breaking this level, it can go down to 1253 (the 61.8% retracement) and below that it should be very dangerous for bulls.
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