November 7, 2012

 
  • QQQ violates crucial support zone.
  • Price continue to fall down in a channel
  • Daily chart is trading below 200 Day SMA. A lower close today may continue to favor bears of QQQ.
  • DOW JONES WEEKLY RISING WEDGE
 
  • Dow jones weekly chart shows price violating the Support line of the Weekly rising wedge.
  • Daily chart shows price violating all crucial moving averages including 200 SMA.
  • Fib levels shows price nearing 50% Fib level.
  • Weekly bears need a close below the rising support line for a perfect breakdown.
 
 
  • SPY 30 Minutes chart shows price near support possible support level at 140.75
  • Daily chart near 100 Day SMA and Near 38.2% Fib level.
  • For bears bigger gains is possible only if the day closes below these two crucial support levels.

 
  • Crude oil daily chart shows price up move getting resisted near 50 Day SMA. 50 sma Moving away from 200 SMA will make it tougher for the bulls of crude oil for making a bigger up move.
  • Daily chart is trading below the Ichimoku cloud which will also favor bears of crude oil on up moves.
  • Bigger time frame the weekly chart shows up move from 23.6% Fib level getting resisted  near 38.2% Fib level.
  • ES CHART ANALYSIS
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  • ES Daily chart shows another daily candle fails to clear 50 Day SMA.
  • 4 Hour chart shows similar resistance levels which has to be cleared by bulls for a bigger up move to happen. 

  • Bank nifty Daily chart testing resistance line. Same chart shows the steady up move of moving averages which looks good for bulls.
  • Weekly charts are not giving clarity. Its still a narrow range with violations on both sides. So week closing outside this range should result in bigger moves.
  • Last chart shows weekly chart with 5 Week High EMA. Bulls need a close above this line for a possible up move. Recent signals have worked well for bulls.



  • ES unable to sustain above crucial support resistance zone.
  • Price also failing to sustain above 4 Hour Ichimoku cloud. Price has to sustain above the cloud and breakout above 200 Period SMA for an extended up move.
  • Sustaining below these two levels should take ES back below 1400 again.
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  • Dow Jones Did not break below 38.2% Following the Bearish engulfing pattern instead price is back near 23.6% Fib level.
  • Daily chart is testing 20 and 50 Day Moving averages.
  • Price is also close to a crucial support resistance zone between 13280 - 13340. 

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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