April 13, 2012

  • Google getting support near 50 Day SMA and the up trend line from 480 levels.
  • Price need to close outside this range for a bigger move to happen.

  • Bulls of ES must stay above the 200 Period SMA and the Cloud for an up move to happen
  • For now price is getting rejected from previous support levels. If this level is not crossed soon we may see big falls in ES.

  • Today being a weekly close its important for price to close the week above 5 Week High EMA. If that happens price will also close above the resistance line shown in first chart. Indicators like MACD too suggest possible up moves.
  • If price fails to close above 5 Week High EMA and gives a bearish candle at the resistance line it should give selling opportunities.

  • SPX Daily chart shows price moving up and closing above 50 Day SMA.
  • Bulls may regain momentum once closing above 20 day SMA.
  • Support taken at 78.6% has done well so far.
  • One hour chart shows 200 Hour SMA and the Hourly cloud which bulls must cross to continue this 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