December 27, 2011

  • SPX 15 Minutes continue to diverge negatively without any result for bears.
  • Cloud of 15 minutes chart shows the smooth up move.
  • Cloud break of this time frame may keep the bears interested. Staying above the cloud will help bulls to push the price higher.

  • Crude Oil moving towards its resistance line
  • Having taken out the dotted resistance line price is expected to hit the main trend line before the next fall. Bearish candles at the trend line may hint of a correction. 
  • Breakout can give more high's for crude oil for possible targets of 102 and 104 levels

  • QQQ Triangle pattern in daily chart which can give good direction.
  • Closing above 50 Day SMA may give good direction for bulls.
  • For bears a short trade is possible below 54.17

  • ES Hour trend remains up and Bulls are safe above 50 Hour SMA and the Hourly ichimoku cloud.
  • Hour chart shows a possible bearish reversal pattern a rising wedge.
  • But there are cases of rising wedge breaking the resistance line and acted as continuation breakouts.

  • Description in chart click to enlarge.


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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