April 19, 2012

  • ES Sustaining below the red support line in first chart will strengthen bears of ES in the short term.
  • 200 Hour SMA is a crucial support zone.
  • Other supports for this fall is shown with Fibonacci levels in last chart.

  • Copper near 50 period SMA of four hour chart.
  • Price also shows a triangle shaped contraction which may give good direction.
  • Breakout or breakdown should violate the levels shown in last chart for a bigger move to take place.

  • Price managed to trade above the flag's resistance line but could not make a bullish close.
  • Price tested 50 Day SMA too But could not close above it.
  • If price does not close above 50 SMA Soon we may see a correction towards the lower end of the range.
  • Bollinger band shows band contraction which should lead to a breakout soon.
  • 50 Day SMA at 5337.

  • ES one hour chart shows a Cup and Handle like price action which is a bullish pattern.
  • One hour chart also has done a bullish cross of 50 above 200 Hour SMA.
  • But the bigger time frame four hour chart has a bearish cross. For the bearishness to be negated price need to sustain above crucial moving averages. otherwise the larger time frame is likely to win after a small bounce.

  • QQQ Bulls must cross 50 period SMA of four hour chart shown in first chart for a bigger up move to happen.
  • One hour chart shows the resistance levels to cross for bulls to gain momentum.
  • Staying below these levels will be negative for bulls of QQQ.


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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