September 23, 2011

  • If SPY does not breach 112 on closing basis we may see an up move soon.
  • Indicators in four hour chart are poised for a rise.
  • Price is in a broad range between 112 - 122 levels. The lower end of the range is getting tested. Indicators are suggesting for a bounce so bulls may get some relief for a while.
  • ES POSITIVE DIVERGENCE
  • Gold is trying to Re enter the weekly channel.
  • Price has broken 50 Day Moving average and is testing its 100 Day Moving average.
  • We may see a bounce if 100 DAY SMA holds. Bearish momentum is high so longs will be risky.
  • In the medium term price may try to enter the Weekly channel shown in the first chart and continue the steady up move staying within this channel.
  • ES POSITIVE DIVERGENCE
  • SILVER Breaks below 50 week moving average.
  • 32.30 level may act as support for sometime.
  • If 32.30 goes then silver may target 50% Fibonacci retrace level for the rise from 8.44 to 49 levels.
  • ES POSITIVE DIVERGENCE
  • ES Hour is moving down in a channel
  • Cloud is shown in 30 Minutes time frame. Cloud is acting as resistance. Price breaking and sustaining above it may give good up move.
  • 30 Minutes is also showing divergence with MACD yet to confirm by price.
  • For bulls price should break above the channel for a sustained up move to happen.

  • Price closing above Week low ema may give some relief for bulls.
  • Next supports are at 4890 and 4815 levels.
  • Price got rejected at the middle channel. This could just be a bottom formation in weekly time frame as long as there is no wild falls. When the bottom formation completes the middle channel will be broken.
  • Silver has violated its trend line in daily chart.
  • Price is moving down towards its 50 Week moving average.
  • So First target could be around 34.50 levels approximately.
  • Week closing below 50 week moving average could bring more down falls for silver.
  • USO TARGET FOR THE BREAKDOWN

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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