November 1, 2012

  • ES 4 Hour chart testing 100 period SMA.
  • Price at a possible horizontal resistance level.
  • Daily chart shows price testing 20 Day SMA. 
  • Google weekly chart finding support at 658 - 669 zone.
  • Weekly chart also shows 20 Week SMA trying to support bulls.
  • More up moves possible if 38.2% fib level is crossed on closing basis.

  • SPY 30 Minutes chart has moved above the trading range.
  • Sustaining above 38.2% Fib level should extend this up move towards 143.20 levels.
  • Price staying above 30 Minutes cloud will favor bulls to extend the up move.
  • ES Hour chart shows price approaching 200 Hour SMA. Yesterday's up move ended near this line.
  • 4 Hour chart shows potential resistance levels if the up move continues. ES 4 Hour cloud may act as stiff resistance. Partial up move into the cloud looks possible.

  • Ford motor gave an inverted head and shoulders breakout. 
  • Price has closed above 200 SMA with good volume surge.
  • Weekly chart shows price testing 23.6% fib level. If this level is crossed on closing basis this up move should target 12.71 levels.

  • Nifty has to sustain below the range for a possible hit at 50 Day SMA.
  • Price has fallen below the golden ratio. Weekly close below this level will favor bears.
  • Daily chart trying to hold above 38.2% Fib level. More correction on breaking this level.
  • A bigger fall only if 50 SMA and the up trend line of last chart does not 

  • Apple daily chart trying to hold above 200 Day SMA.
  • One hour chart shows the strong down trend with Ichimoku cloud.
  • Bearish cross of 200 and 50 Hour SMA will ensure sell on rises as long as price stays below crucial moving averages.


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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