September 22, 2011

  • USO Moving down towards 30.31
  • Breaking below 30.31 will add momentum for bears.
  • GOLD BREAKS 50 SMA
  • ES enters oversold level as shown with stochastic readings.
  • But as shown with the ellipses Price continue to fall till stochastic turned up above 20% line.
  • So now the only hope for bulls is that price is close to the bottom of the range. If stochastic turns up above 20% line we may see es taking support.
  • Breaking below 1110 levels can add strength to this fall. Its a steep fall, Price momentum is high so the probability of ES taking support here is very low.
  • AAPL NEGATIVE DIVERGENCE
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • GOLD Breaks below 50 day sma.
  • Price may move towards 1700 levels.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • 50% Retrace for the move from 4720 to 5168 comes at 4944
  • Price has taken support near 4910 level before, so this lecel may stop the fall.
  • So if price takes a reversal from here we may see a turnaround.
  • Breaking below 4900 will cause more pain for bulls.
  • ES Hits an important support line
  • If there is going to be a turnaround it has to be now.
  • Break of this line means more pain for bulls.
  • Next possible support is at 1123 levels.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Price is getting resisted at Week high ema.
  • Day Low EMA may act as support.
  • Weekly chart is putting up a continuation pattern as shown in last chart. Breaking below the support line will favor bears for an extended correction.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Yesterday's shooting star formation was a warning for bulls. 
  • Bearish candlestick has given good reaction from 50 day moving average.
  • Price has now closed below 20 day moving average.
  • Price will now target the support line of this range. If that holds bulls may get an up move. otherwise it will be an extended down move this time.
  • AAPL NEGATIVE DIVERGENCE

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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