June 19, 2012


  • SPY Testing crucial resistance levels.
  • Day has to close above 135.90 and Golden ratio to sustain the bullishness. Unable to close above these levels may result in a sell off.
  • Week will turn bullish only on closing above 20 Week SMA.




  • ES Four hour chart nearing the resistance line 
  • Price sustaining above 200 and 50 period SMA will favor bulls. 
  • ES daily chart shows crucial resistance in Golden ratio and previous support levels which may act as resistance. For a bigger breakout price must breakout and sustain above this level. Getting resisted here may result in good correction.
  • SPX ANALYSIS AFTER CLOSE




  • Nifty getting resisted at crucial resistance levels mentioned in earlier posts.
  • For bulls these levels should be crossed on closing basis for continuing the up move which looks tough  for bulls.
  • Bears must break below 5020 for extending the down move.




  • SPX Daily chart shows price testing 50 Day SMA. Bulls of SPX need a daily close above this level to  continue this up move.
  • Four hour chart shows price nearing The Golden ratio and previous support level at 1357 - 1358 which may act as a resistance area.
  • If price gets near 20 Week SMA this level too will be difficult to cross. We have a MACD sell signal in weekly chart. So for negating bearishness price need to trade above 20 Week SMA or face deeper  correction.


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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