April 5, 2013

  • ES bulls trying to stay above 200 period SMA of 4 Hour time frame
  • Broken four hour cloud and channel may act as resistance on up moves
  • For further correction 4 hour has to close below 200 period SMA.

  • Netflix daily chart is trading below the range.
  • Price is also trading below 50 Day SMA.
  • Weekly chart shows price getting ready for a big bearish engulfing pattern pending today's close. Weekly MACD too is getting ready for a sell signal.
  • ES price has violated the channel of four hour time frame.
  • Price is testing 38.2% Fib level and 200 Period SMA.
  • Close below the above mentioned levels will result in bigger gains for bears of ES.

  • Nifty daily chart has fallen below 200 Day SMA.
  • Weekly chart shows price near crucial support level of 50 Week SMA(5544).
  • Last chart also shows RSI nearing oversold zone. Price is yet to forma a bottom formation so more fall is possible before an oversold bounce can be seen.
  • ES Hour chart shows a range between 23.6% and 50% Close outside this range may give good direction.
  • Bulls need to break above the hourly cloud for a possible up move to start.
  • Last chart shows the channel formation in 4 Hour time frame. Bulls are at the channel support line. For bears need a channel breakdown.
  • Ford chart showing potential bearish setup.
  • Price is testing 100 Day SMA. Daily close below this level may extend the correction.
  • Weekly chart shows price testing 20 Week SMA. Weekly close below this level may lead to the rising support line. Trend line break will be followed by an extended fall.
  • Bulls need to protect 100 Day and  20 Week SMA.


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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