May 10, 2013

  • SPY one hour chart continues to move up in a bullish channel.
  • 15 Minutes chart shows price contraction in a descending triangle pattern.
  • 30 Minute cloud may act as support.
  • Gold range in four hour time frame has given a breakdown
  • Price is also trading below the Ichimoku cloud of four hour time frame.
  • Last chart shows the possible fib support levels.
  • ES one hour chart nearing support levels.
  • for bears a bigger correction is possible if the hourly cloud and 100 Hour SMA gets broken on closing basis.
  • Sustaining above these levels will extend this up move.
  • 5 Month High EMA at 6000 is the crucial level. This is also a crucial round number So a weekly or monthly close below this level will hint weakness. Price sustaining above this level on closing basis will lead to a breakout above 6111.
  • Weekly chart also shows price trading well above 5 Week High EMA which is at 5952. Weekly MACD is about to give a bullish cross which may help bulls further to extend the up move.
  • Daily chart shows a bearish engulfing pattern which may give a small correction.

  • Price testing 50 Day SMA.
  • Death cross in daily chart is still valid. Price closing below 50 Day SMA will strengthen the bearish cross.
  • For now though price is in a range as shown in four hour time frame. Breaking this range on the down side will confirm the validity of the bearish death cross. Range if breaks on the upside will invalidate the death cross.

  • Facebook taking support at 50 Day SMA and Golden ratio.
  • Hour chart shows price approaching 50 Hour SMA. Sustaining above this level will extend this up move.


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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