April 3, 2012

  • Price hits the channel support line as discussed in the below chart.
  • SPY may bounce from the channel support line 

  • SPY One hour chart shown with a channel and 20 Hour SMA.
  • Staying below 20 Hour SMA price is likely to test the channel support line before moving up

  • ES one hour chart shows price moving up in a channel.
  • 2nd chart shows price in an ascending triangle.
  • Bears need to break below 50 Hour SMA and the black line.

  • Silver hour chart is showing resistance near 33.19 - 33.23 levels. Hour closing above this level should give good up moves. Rising support levels may give an upper breakout.
  • Support level in hour chart is the 200 Hour SMA. Price also shows a small bull flag pattern in chart which may help bulls of silver.

  • Price closed above 50 and 20 Day SMA. Bulls need follow up and has to close above the resistance line for a bigger up move to unfold.
  • Price also getting closer to 5 Week High EMA which need to be crossed on closing basis for a sustained up move.
  • India VIX is closing in on support line which may give hope for bears.
    • 5 Week High EMA at 5370
    • 50 Day SMA at 5311
    • 20 Day SMA at 5291
    • S&P 500 EOD ANALYSIS

    • The weekly bullish cross of 20 and 50 Week SMA continues to do well.
    • The hammer candlestick of daily time frame at 20 Day SMA too continues to do well.
    • Four hour chart shows a likely resistance line
    • One hour chart shows bearish engulfing setups near those trend lines which might result in a dip before  the next up move.


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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