July 12, 2012

  • ES Charts looking bearish as price has broken below the channel support line.
  • ES Four hour chart is also testing the 200 period SMA. Sustaining below this level will strengthen bears further.
  • One hour chart is unable to trade above the Ichimoku cloud. Only a cloud break at this time frame can  give some hope for bulls of ES.

  • SPX Managed to save 50 Day SMA on closing basis.
  • Hour chart shows price getting support at a crucial trend line. If price sustains above 1343 - 1347 level it could move towards 1360 - 1365 level before falling down.
  • For bears breaking the cloud of four hour could give 1310 and lower levels.


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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