October 24, 2011

  • US Dollar is about to retest its 200 SMA.
  • Now Price may retest 200 SMA and start moving up to save the golden cross(50 SMA crossing above 200 SMA) that's shown in daily chart. Or a breakdown below 200 SMA which will lead to a failure of this golden cross and dollar may fall towards 73 levels.
  • ES RESISTANCE LEVELS IN DAILY CHART
  • If ES continues this up move for  some more time it will face the previous support level which was broken in daily time frame. This level shown in first chart may act as resistance.
  • 200 Day SMA is near this resistance line too. So crossing this area will be tough for bulls.


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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