April 11, 2012

  • ES Hour chart trading near 50 Hour SMA and the Ichimoku cloud.
  • Price must sustain above both these levels for a bigger pullback to happen
  • These levels may act as shorting levels again.
  • Gold weekly chart shown in a triangle pattern.
  • Price is finding resistance at 50 Week SMA. A weekly close above 50 Week SMA may take gold towards the resistance line of the triangle.
  • Falling below 1612 should take gold towards 1580 levels  and possibly towards the support line of the triangle

  • For the bearish cross shown in 2nd chart to work well price should break below 200 Day SMA and break the support line of the  Bull Flag pattern.If the support line or 200 SMA does not get violated we may see an upper breakout from this continuation pattern.

  • SPX month chart shows price reaction from upper Bollinger band. So far it looks good for bears as price has Engulfed the body of the previous month candle. If the closing is near these levels or lower then the trend might favor bears in the medium term. Bulls need price to recover fast.
  • SPX week chart shows the previous resistance level of 1370 getting broken and price moving towards the next price cluster of  1340 - 1350 level as shown in 2nd chart.
  • A rising 20 Week sma may also act as support level as shown in 3rd chart. Last chart shows price breaking below 50 Week SMA which is another event that favors bears.

  • Copper has violated the range in which it was trading for several weeks.
  • Price is moving towards multiple support levels. 38.2% Fib level and the up trend line which may give support for this fall.


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My Favourite Quote

"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