March 6, 2012

  • For bears price has to close below 20 Day SMA and the horizontal support zone shown in four hour chart for a bigger fall to happen.
  • Today's fall took support at 20 Day SMA.
  • Hour chart shows price below the hourly cloud after a long GAP. Last time price was below the hourly cloud near 1310 levels. For tomorrow if cloud acts as resistance and a break below 1359 may target 1354 levels. Breaking above the cloud again may give new high's for SPX.


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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