January 16, 2012
- ES Four hour chart is yet to show weakness.
- Bears need a four hour candle to close below 50 Period SMA.
- Up trend of this time frame will be safe above the cloud.
- IWM - WEEKLY RESISTANCE LEVELS (50 WEEK SMA AND GOLDEN RATIO)
- DOW JONES WEEKEND UPDATE
- SPY WEEKEND UPDATE
- SBI has given a bearish daily candle. Price is closer to its 100 Day SMA and Golden ratio So chances of a correction is high from the current levels. Even if price moves up it has to close above the ichimoku cloud for a sustained up move to happen. Weekly chart is also closer to the middle bollinger band.
- So in short SBI is giving negative signs close to resistance levels. But there is no breakdown yet. Price is trading well above its 5 Day High EMA so one shall wait for a close below 5 day High Ema to happen.
- NIFTY WEEKEND UPDATE