April 5, 2012

  • SPY Four hour testing 50 period SMA.
  • Price is also near the Ichimoku cloud of four hour time frame.
  • Getting support here may help bulls to resume the up trend.
  • Breaking below these two levels may change the trend in favor of bears and bigger fall might unfold.

  • US Dollar near resistance line.
  • Price has broken above the daily cloud. To continue the up move price need to stay above the resistance line.

  • IBM has fallen below the up trend line.
  • Price has violated the 20 Day SMA. Daily candle trading and closing below 20 SMA will favor bears to extend this correction.
  • below 20 SMA price may find support near 23.6% Fib level. Next price cluster is near 38.2% Fib level which may act as strong support. For now bears of IBM need a close below 20 SMA.
  • GOLD Near Long term support line

  • ES Four hour chart approaching 200 period SMA.
  • Daily time frame too is near previous resistance level which may act as support again.

  • Price is testing an important up trend line. Its also near 20 Day SMA.
  • If the next daily candle trades below the up trend line price may test the support levels mentioned in the second chart.
  • Getting support at the trend line may save the bulls from a deeper correction.
  • Bearish engulfing pattern of one hour chart shown  in a previous post has done well. For now price is trying to form a base near 200 Hour sma. For a bigger fall bears need to break below 200 Hour SMA.


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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