April 25, 2012

  • ES Four hour chart with previous support and 200 period SMA as resistance levels. Bulls must cross these levels convincingly for a sustained up move to happen.

  • Nifty's daily bollinger band continue to contract.
  • Up move may happen if nifty trades above 20 day sma (5257). Bulls will be weak below yesterday's low.
  • Weekly chart is shown with 20 Week SMA. Weekly stochastic is turning down and if price starts to trade below 20 week SMA we may see a bigger down move. If 20 Week SMA is held we may see the opposite move as well so one should wait for the signal.

  • This bounce may stop at the falling resistance line or the 50 period sma of Four hour chart.
  • Price trading above the resistance levels mentioned should take SPX back towards 1392 levels.
  • Last chart shows the crucial numbers in four hour time frame.


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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