February 21, 2013

 
  • EURUSD Testing 100 Day SMA.
  • Price at daily Ichimoku cloud.
  • Last chart shows price violating up trend line, But price is also seeking support at Horizontal support level shown in last chart. If this level holds an up move is possible.
  • ES CHART UPDATE
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4 HOUR CHART
15 MINUTES CHART
  • 4 Hour chart shows price nearing 200 period SMA and a possible support zone.
  • 15 Minutes chart shows price struggling to move above the cloud. A bigger pullback will be possible only if price stays above the cloud. 



 
  • Bank of america weekly chart shows weakness at 50% Fib level.
  • 2nd chart shows price testing 50 Day SMA. Daily close below 23.6% Fib level and 50 Day SMA may extend the fall towards 38.2% Fib level.
  • QQQ Weekly chart shows immediate support at the Golden ratio.
  • Daily chart shows price closing below 20 Day SMA. Next crucial support on daily chart at 50 Day SMA.
  • Second chart shows a rising trend line which is a support level and an Unfilled GAP which will keep bears interested for bigger falls.
  • CRUDE OIL RANGE BREAKDOWN
  • SPX ANALYSIS AFTER CLOSING BELL
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  • Daily chart shows a Huge bearish engulfing pattern which engulfs almost 4 previous bullish daily candles.
  • As a follow up price must takeout 20 Day SMA for the selling to continue. A range here may result in a bounce.
  • Weekly chart shows possible target at the channel resistance line. Price falling back into the channel may result in a bigger correction.
  • SPX ANALYSIS AFTER CLOSING BELL
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  • CRUDE Oil first chart shows daily time frame with range breakdown. Sustaining below the range should target 91 levels in the coming day's.
  • Price has closed below 50 Day SMA which will favor bears of Crude oil to extend the fall.
  • Price is nearing 38.2% Fib level.
  • SPX ANALYSIS AFTER CLOSING BELL
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  • ES Four hour chart shows price breaking below the cloud.
  • 2nd chart shows price below 100 Period SMA.
  • Last chart shows price breaking previous resistance level which was acting as support until it was broken. Now price is likely to move towards a previous range support zone or 200 Period SMA of 4 Hour time frame.
  • SPX ANALYSIS AFTER CLOSING BELL
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  • Head and shoulders pattern was discussed in yesterday's MCX COPPER Post. It has given a good breakdown. 
  • Price may target the 78.6% Fib level at 427.



  • Copper reversing from triangle resistance line is likely to move towards triangle support line
  • 2nd chart shows Immediate support and resistance levels
  • Last chart shows price below the daily cloud. Sustaining below this cloud may extend gains for copper bears.
  • GOLD CHART ANALYSIS


  • SPX Daily chart shows price falling from upper bollinger to close near Middle Bollinger band(20 Day SMA.)
  • 2nd chart is the weekly time frame which finally starts to show weakness after hitting the resistance line yesterday.
  • Last chart shows potential bearish setup which has worked well in the recent past. Price closing below 20 Day SMA may extend gains in favor of bears.
  • GOLD CHART ANALYSIS

  • One hour chart is looking ugly for bulls But 4 Hour time frame is showing some hope.
  • 4 Hour up trend line is violated Now Bears need to break the horizontal support zone marked on 2nd chart to challenge the trend.
  • Price is testing the 4 Hour cloud. Recent tests has resulted in reversals in favor of bulls from the cloud.
  • GOLD CHART ANALYSIS
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  • GOLD Weekly chart shows price testing a crucial zone between 1670 - 1680. Breaking below this zone may lead to a deeper fall possibly towards the range bottom.
  • 2nd chart shows the recent fall of Gold equaling the earlier falls in daily chart. If price reverses we may see a reversal to either 50% or the Golden ratio as happened in the previous two instances.
  • EURUSD SUPPORT AND RESISTANCE LEVELS
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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