August 2, 2012

  • ES Four hour line chart shows price falling below 50 period SMA which may extend gains for bears.
  • Price has fallen below 200 Hour SMA which will favor bears.
  • Hope for bulls is the Golden ratio which may act as support

  • EURUSD up move was stopped by the 50 Day SMA.
  • Resistance levels was also a previous support zone in daily chart.
  • Following the news EURUSD was highly volatile at one time the hourly candle did a 200 PIP move. It was a false move price now back into the hourly channel.
  • ES falling off a cliff and testing the 200 Hour SMA.
  • A Pullback may happen from the 200 Hour SMA or the Golden ratio. 

  • ES Hour chart shows a possible bullish flag pattern.
  • Price is testing the cloud. Breakout above the cloud may give a spike towards the shaded resistance zone.
  • Daily chart is shown with previous resistance level which is acting as stiff resistance.

  • Price is trying for a weekly cloud breakout. Recent attempts to sustain above the cloud has failed.
  • MACD is getting ready for a buy signal. But the GAP near 78.6% Fib level may act as resistance.
  • For  a bigger up move a weekly close above the levels shown in last chart is needed.
  • APPLE Hour chart shown with resistance zone from 613 - 619 levels.
  • Daily chart shows resistance near 78.6% Fib level.
  • Crucial support in daily chart is 20 Day SMA. Closing the day blow 20 SMA should result in a 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