January 11, 2011

  • Gold hour chart with 50 hour moving average and the Ichimoku cloud.
  • Price has broken above 50 Hour moving average and the cloud.
  • If price crosses and sustains above 1385 we may see 1400 again.
  • Price breaking below 50 hour moving average will favour bears.
  • DOW JONES BROADENING PATTERN

  • Dow Jones hour chart with broadening pattern.
  • Price is trading above its 50 hour moving average.
  • Resistance in hour chart is at 11742 and Support at 11573 levels.
  • If 11742 is taken out price may rally till the resistance line of the broadening wedge pattern.
  • US Dollar Hour chart is in correction mode after good up move.
  • If this correction does not break below 50 hour moving average we may see Price breaking above the upper resistance line of the small descending channel.
  • Price should sustain above 81.50 for good up move to happen.
  • Breaking below 50 hour moving average and the support line will be negative for US Dollar.
  • ES DAILY CHART ANALYSIS

  • ES daily chart with support and resistance lines.
  • Price has taken support on a trend line, Support levels are rising which can form a bullish ascending triangle pattern.
  • If the support line holds we may see an upper breakout above 1276.75.
  • Breaking the support line will favour bears. Bears can get good gains only if they manage to break 1257 and 1255.50.
  • S&P 500 ANALYSIS AFTER CLOSING BELL

  • Today's support levels are or should i say the levels that are going to break are 5740 and 5690. 
  • 5740 looks important in weekly chart. First chart shows weekly trend line which acted as resistance may act as support. Break of 5740 will ensure the failure of this set up. which means going down to 5690.
  • And break of 5690 means going below the recent low. which may take it to the 200 DMA.
  • So bulls has to protect either 5740 or 5690. Seeing the momentum with which bears are coming it looks highly unlikely that these levels are going to be held. Any way lets wait and see what happens.
  • Trend line in daily chart is being tested. Price violated the trend line today but managed to close above it. Next time if price comes below the trend line we may see price closing below the trend line.
  • Hour chart shows 50 hour moving average giving support to bulls. We had a nice up move exactly from 50 hour moving average today.
  • 30 minutes chart shows a  triangle pattern which can give direction in the short term.
  • QQQQ RISING WEDGE PATTERN

  • QQQQ Hour chart is breaking resistance levels and moving up.
  • Closing above 56.05 will favour the bulls.
  • Hour is forming a rising wedge pattern which can keep the bears interested.

Disclaimer

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore