May 23, 2013

  • Apple hourly chart shows resistance at 100 Hour SMA and Golden ratio.
  • Daily chart too is near 100 Day SMA and Daily cloud. These levels must be crossed on closing basis for an up move to happened. 
  • ES one hour chart shows price below 200 Hour SMA. This level may act as resistance during up moves.
  • Four hour chart shows the cloud base and 100 Period SMA trying to act as support. Unable to break below this level may result in a pullback.

  • Weekly candle is sowing weakness near resistance levels shown in the first chart. This may change if price starts to trade above 2402 levels.
  • Weakness below 2345 and 20 Day SMA at 2312

  • Price testing channel support line in four hour time frame. Yet to close below the support line.
  • Price seeking support at four hour ichimoku cloud.
  • One hour chart shows price trying to hold above 200 Hour SMA. An hourly close below this level may extend gains for bears of ES.
  • SPY Four hour chart has given a shooting star pattern.
  • Price is testing the rising support line. This one has to break for the shooting star or inverted hammer to perform well.
  • Last chart shows price below 50 Hour SMA. Sustaining below this level may extend the fall for bears of SPY.

  • ES Hour chart violating crucial support levels.
  • Price must break the channel support line for weakening the up trend.


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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