January 27, 2012

  • SPY Hour is testing 50 Hour SMA and cloud.
  • Sustaining below 50 Hour SMA will favor bears for extending correction.
  • If channel support line holds and price moves above 50 Hour SMA then bulls will be able to make an up move.

  • EURUSD Daily time frame is trying to stay above 50 Day SMA. 
  • Cloud may act as resistance. If price stays above 1.3144 which was a previous support level then EURUSD may be able to continue this up move.
  • Daily candle closing below 1.3144 and  50 Day SMA again will be negative for this up move.

  • Staying below 200 Hour SMA will extend correction. 
  • Breaking below the support line shown in four hour time frame will favor bears.

  • Staying below 200 Hour SMA will extend correction. 
  • Breaking below the support line shown in four hour time frame will favor bears.

  • GOOG is testing 200 SMA.
  • Price is sustaining below 50% Fib level. Breaking below 561 may extend correction towards 547.
  • Oversold RSI and support at 200 SMA may give an up move.

  • BANK Nifty Futures getting resisted at strong supply area.
  • This level has to be crossed on closing basis for continuing this up move.

  • Like Bank Nifty, Nifty too is near 200 SMA. 
  • Week chart also shows a possible resistance line.
  • Closing above 200 SMA may help bulls to continue this up move. Bearish candles here may give hope for bears. 

  • Bank nifty with 200 SMA near 10000 and Weekly chart too shows resistance levels in the same area. So this level should be crossed for this up move to continue.

  • SPX hits the monthly resistance line and gave a small correction.
  • Daily chart shows a negative day. But the fall for now is limited the resistance line which is acting as support. Any fall and close below the resistance line in daily chart may give an extended correction.
  • Four hour chart too shows bearish price action at the top. But price is yet to breakdown below swing lows and important moving averages which will weaken the bullish structure.


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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