June 14, 2013

  • SPY One hour and 4 Hour charts shows price struggling to cross multiple resistance levels.
  • Need to close above 50 period SMA of four hour time frame to resume the up move.

  • Blackberry daily chart shows resistances at 50 day sma and 38.2% Fib level.
  • Weekly chart is showing up move from a possible reversal candle which is likely to extend this up move if price closes above the resistance levels mentioned in daily chart.

  • ES Testing 100 Period SMA and resistance line
  • Price is trying to stay above the 4 Hour cloud which is good for bulls. Breakout above the resistance line and 100 Hour SMA may extend this up move.

  • Nifty daily chart is moving away from 200 Day SMA But price is approaching an up trend line.
  • Weekly chart is likely to close below Middle Bollinger band which may lead to lower bollinger band in the short term.
  • Monthly chart is testing 5 Month Low EMA. For the weekly chart scenario work Month Low EMA and the up trend line shown in daily chart has to break. Taking support at these levels may lead to a bounce.
  • S&P 500 EOD UPDATE

  • Daily chart gives  a bullish engulfing at 50 Day SMA
  • Immediate resistance levels for the current up move at 20 Day SMA and the falling resistance line shown in second chart.
  • Last chart shows the bullish hammer formed in weekly chart which needs a higher close this week to stay valid or effective.


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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