November 13, 2012

 
 
  • ES Bulls trying to stay above 200 Day SMA.
  • 2nd chart shows price below the neck line of the head and shoulders pattern. Neck line may act as resistance if retested.
  • Weekly chart shows price below the broken up trend line.

 

  • ES one hour chart is showing price contraction which should lead to a bigger move.
  • Any up move will be bigger only if price is able to cross the 200 Day SMA which is shown in the last chart.

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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