July 22, 2011

  • First chart is weekly time frame of Cisco. Price has hit the 20 week moving average.
  • This up move will extend on a successful close above 20 week moving average.
  • 2nd chart is the Daily time frame with 100 and 200 Day moving average.
  • One can stay long above 100 DMA for a target of 200 DMA.
  • LAST UPDATED ON CISCO - THE GRAVE STONE DOJI STARTED THIS UP TREND
  • If the trend line shown in the first chart is held price should move higher.
  • Breaking below the trend line will be negative.
  • 2nd chart shows support areas for the correction
  • 50 Period moving average and cloud will act as support on a correction
  • ES TOOK SUPPORT @ 50 HOUR MOVING AVERAGE

  • ES Hour hits 50 Hour moving average.
  • Break below it can take it to the trend line.
  • Getting support here can give an up move.
TODAY
YESTERDAY
  • SPY 5 Minutes still remains in the range shown yesterday
  • This one has to be resolved for a bigger move to happen
  • Hour of silver with a triangle pattern
  • Price is near the resistance line of the triangle.
  • Important Resistance In hour is @ 40.32
  • Support level is @ 38.85
  • Breakout or breakdown from triangle should take out these levels for a bigger move to happen.
  • ES TREND UPDATE
  • ES hour chart with 50 Hour moving average and trend line.
  • First chart shows bullish cross of 50 above 200 Hour.
  • If price continue to stay above 50 Hour moving average bulls can go for Buy on Dips.
  • Price breaking below 50 Hour moving average will give chance  for Bears. Bears need to break the trend line in hour to reverse the trend in their favor.
  • SPY 5 MINUTES CHART
CHART-III
CHART-II
  • 5 Minutes channel has been broken in favor of bears.
  • Now price should break 5600 - 5605 level for bigger correction to happen
  • Staying above 5605 level will continue to favor bulls.
  • Price getting back into the channel will make bulls stronger.
CHART-I
  • Nifty 5 Minutes chart shows a steady up move.
  • This channel has to resolve on either side for a swift up or down move to happen
CHART-II
  • Nifty has violated the resistance line but has a cluster of resistance from 5640 - 5655 level.
  • We have to see how price behaves from that level if nifty is able to reach there
  • Nifty has to close the day near day high for sustaining the upward momentum.
CHART-I
  • Nifty 30 Minutes chart with a possible resistance line
  • The upward momentum will stay intact only if price is able to break and stay above the resistance line.
  • Getting resisted here may result in a fall.
  • Bearish Engulfing did not get the confirmation needed. Bears need to see how the day closes today.
  • Price managed to close below 5 Day Low Ema. But one thing to note here is that price is closer to the lower end of the range so bears need to follow up by taking price below 50 DMA otherwise this may end up as a buying opportunity.
  • Price has finished 38.2% Fib level retrace, Unless this level breaks we may not see much downside. If price stays below 38.2% next target is around 5467.
  • Lastly bears are staying below 20 Week moving average and today being the last day of the week they will try to keep price below 20 week moving average Bulls will be trying for the opposite.
  • 5 Day Low Ema @ 5548
  • 50 Day SMA @ 5507
  • 20 Week SMA @ 5594 (Values as of yesterday)
  • SPY 5 Minutes is trading in a range after the up move.
  • Resistance is at 134.81
  • Support is at 133.37
  • Midpoint of the range is @ 134.37
  • DOW JONES PAUSING NEAR RESISTANCE LEVEL


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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