July 24, 2012

  • ES Daily chart sustaining above crucial support level of 50 and 200 Day SMA should give hope for bulls of a rally. But four hour time frame and One hour time frame has to turnaround above 50 SMA respectively for a sustained up move to happen.

  • Nifty's Rising wedge has performed well so far.
  • Performance of rising wedge has also helped the Diamond pattern to look good.
  • Now for continuing the down move price has to close the day below 5090 - 5100 zone which is the 50 and 200 Day SMA.
  • For bulls need a bullish candle from the above mentioned zone to negate the completion of the patterns.
  • S&P 500 EOD UPDATE

  • SPX Getting support near 50 day SMA and 38.2% Fibonacci level.
  • Daily cloud too help bulls with an oversold bounce.
  • Bears need a cloud breakdown for a trending down move to happen.


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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