January 26, 2012

  • SPX Month chart shows price at the resistance line.
  • Consolidation in hour chart shown yesterday has resulted in another up move. Price is near resistance line of the channel again. If the monthly resistance line is to break then the current hourly structure will not change. another small sideways correction and the up move will continue inside this channel.
  • Price keep getting support at or near the hourly cloud. Bears need a cloud break to weaken the 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