March 6, 2012

  • EURUSD Near 50 Day SMA. Breaking this level on closing basis will extend this correction.
  • Last fall to this level resulted in a rally.
  • Fibonacci levels shows possible support levels.
CHART-II
  • ES at Daily trend line. If it does not bounce from here price may slip another 10 points from here.
CHART-I
  • ES Four hour has closed below crucial Moving average and Ichimoku cloud.
  • Daily chart is falling towards a supporting trend line. 
  • Bears has to break below this line to extend gains.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Copper falling from a bearish Diamond pattern.
  • Bears need to break 50 SMA and the up trend line for extending gains. Unable to close below 50 SMA should result in a up move.
  • Breaking below 50 SMA may target 3.6818 levels.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Tata steel futures hour chart shows price breakdown from a consolidation pattern.
  • Daily will test 50 SMA. Day closing below 50 SMA will strengthen bears of Tata Steel.
  • Getting support here may save bulls from a bigger correction towards.
  • Below 50 SMA Price may test 417 levels.
  • Levels mentioned are of Futures.
  • Nifty futures moving up from 50 Week SMA.
  • For bears week candle has to close below this level for further selling to happen.


  • 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