June 21, 2013


  • Crude oil weekly chart gives another fall from golden ratio.
  • Daily chart shows price near 200 Day SMA  and Testing Rising support line. Convincing break below 200 SMA will extend this fall.
  • Taking support at 200 SMA should keep price in a range.
  • ES CHART ANALYSIS
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  • ES Daily chart shows price trying to hold above 100 Day SMA.
  • Price has fallen below the daily cloud on closing basis which will make it tougher for bulls to give bigger up moves.
  • Last chart shows price pausing at the broken support line of the range.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • SPX Breaks crucial Trend line from 1343 levels.
  • Price closed well below 50 Day SMA. Bulls are hoping for 100 Day SMA to act as support for a bounce.
  • Price is likely to trade below the daily cloud which may favor bearish moves in the short term. If 100 Day SMA does not break a small bounce may happen which takes price back towards the daily cloud before the fall can resume again. 

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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