October 17, 2012

  • ES one hour chart shows price trending up above the trend line.
  • 30 Minutes chart shows price above the cloud which will help bulls to extend the up move. 30 Minutes also shows negative divergence with MACD indicator which may give a pullback.
  • Daily chart shows price entering a resistance zone. Bulls need a daily close into this zone to confirm further bullishness.
  • APPLE UPDATE
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  • APPLE's Hammer at 100 SMA has lead it to a possible resistance level near 655 levels.
  • Price also near 38.2% Fibonacci level which may act as resistance.
  • For apple bulls need to sustain above the hourly cloud for a bigger up move to happen. Price falling back into the cloud may resume the fall.
  • APPLE OVERSOLD FORMS A HAMMER
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  • SPX Daily closed above 50 and 20 day sma.
  • Price closed above Golden ratio as shown in Hourly charts.
  • Now the next resistance zone is near the upper end of this trading range between 1467 - 1474. Bulls need a close above this level for a breakout.


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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