February 24, 2011

  • First chart is the 15 minutes chart of SPY with support and resistance levels.
  • Move above 131.58 will favor bulls for an intraday up move.
  • Falling below 130.71 and 130.21 will give another down move.
  • 130.21 was the 61.8% Fib level were the correction stopped yesterday. So break of this level will target the GAP area as discussed in YESTERDAY'S POST.
  • ES Hour chart with Ichimoku cloud and 50 hour moving average.
  • Price is trending down below the cloud. Bulls will face stiff resistance until they close price above the cloud.
  • Hour time frame is a sell on rise market now. So 50 hour moving average will act as resistance.
  • Bulls should close above 1310 and 1320 for regaining strength. 
  • SPY HOUR CHART ANALYSIS

  • SBI has broken its 50 and 200 dma again. Price closed near the low of the day.
  • Price hits the resistance line shown in 2nd chart and turned negative.
  • 2565 may act as a minor support Breaking which price will hit 2480 level again.

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"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