June 24, 2013

  • QQQ Trying to reverse from the daily up trend line.
  • For bulls price need to do a close Back above 100 Day SMA and above 38.2% Fib level for an up move or bounce to happen.
  • SPY 5 Minutes chart shows immediate support and resistance levels.
  • Daily chart shows price testing 38.2% Fib level.
  • Bulls will remain weak below 100 Day SMA.
  • ES Daily moving away from 100 Day SMA and daily cloud.
  • 30 Minutes chart shows immediate resistance levels at the resistance line and the Cloud. Moving above these levels may result in a pullback in ES.
  • Weekly chart shows price nearing possible support levels. Weekly stochastic is still moving down and if price does not show a turnaround the support line drawn in third chart may not hold.
  • India Vix is at possible range Top. Breakout in VIX may add strength for bears. Bulls need Vix to move down from 19.85 levels for a bounce to happen.


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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