March 14, 2012

  • For bears of Silver price has to sustain below 20 Week SMA and 32.44 Levels.
  • Fibonacci levels in daily chart shows possible support levels.
  • Cloud in four hour chart is acting as resistance.
  • GOLD CHART ANALYSIS
  • IWM at resistance levels. 
  • 83.30 levels is acting as stiff resistance.
  • Hour chart shows price above 20 Hour SMA falling below this level will extend the correction.
DAILY CHART
  • Gold weekly chart testing 50 Week SMA. 
  • Price may find support here or at the channel support line.
  • Daily chart also shows possible support at Golden Ratio.
  • SILVER CHART ANALYSIS
ONE HOUR CHART
DAILY CHART
  • ES Hour chart continue to trade above crucial moving averages. No weakness in hour chart as long as price stays above 20 Hour SMA.
  • Daily chart continue to move up in the bullish part of the channel. 
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Daily has closed above 20  SMA. 
  • Week should also move above 5 Week High EMA today. 
  • Dip from 5629 started from just above the Ichimoku cloud as shown in weekly chart. Now if the week manage to close above the cloud again we could see bigger up moves. 
  • Weekly candle closing above 5 Week High EMA should add strength for bulls.
  • S&P 500 EOD UPDATE
  • First chart shows price moving away from previous resistance levels.
  • 2nd chart shows the weekly rising wedge which was broken last year. Price is now moving towards the broken 
  • SPX May hit this line around 1420 levels approximately.
  • Silver hour showing a bearish descending triangle pattern
  • But bulls has an opportunity to move up if they manage to trade above the hourly cloud.
  • Bears of silver will be stronger below 33.10 levels.

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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