January 28, 2013

  • ES up trend of one hour chart continues to be strong.
  • Price continues to sustain above 100 Hour SMA and Hourly Ichimoku cloud.
  • 4 Hour chart is shown with bollinger band. Bears need a close below middle bollinger band for a bigger fall to happen
  • Crude oil testing the channel support line
  • 4 Hour chart shows price testing the Cloud which has acted as strong support for sometime now.
  • 4 Hour chart also shows a trading range between 94 and 96. If the above mentioned support levels are held we may see an upper breakout from this range.

  • Hour chart shows price trending down below the Ichimoku cloud.
  • Bearish cross of 20 and 50 Hour SMA continue to work in hourly chart.
  • 4 Hour chart shows possible support at 50% Fib level. If holds an up move is possible. Breaking below 50% Fib level may lead to Golden ratio near 29.80 levels.
  • EURUSD is testing 50% Fib level in weekly chart.
  • Price is above the weekly cloud which will favor bullish moves in EURUSD.
  • Sustaining above 100 Week SMA may lead to more up moves in EURUSD Possibly towards the Golden ratio shown in first chart.

  • Yahoo daily chart shows negative divergence. Price making Higher High While the indicator making Lower High.
  • Up trend will be safe as long as price stays above 50 Day SMA.
  • Strong support is seen in the weekly chart between 18.84 and 19.12.
  • Negative Divergence may work well if price starts to trade below 50 day SMA.

  • Weakness last week was seen at the Upper bollinger band. This may continue to act as a correction zone during up moves.
  • Immediate support levels in daily chart are the up trend line and 20 SMA shown in chart 2 and 3.
  • Crucial support levels shown in weekly chart are 78.6% Fib level and 5944 marked on the left side.

  • Daily chart of BAC shows a trading range between 11.02 - 12.2. This range must resolve for the next big move to happen.
  • Closing above 20 SMA may take price towards the upper end of the trading range.
  • Weekly chart shows this range happening below the 50% Fib Fan line. Price trading above this line may help bulls to extend the up move out of this trading range.


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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