July 4, 2013

  • Apple gives a Doji at 50% Fib level and 20 Day SMA. Negative close on Friday may lead to a reversal.
  • Sustaining above 20 SMA may target 50 and 100 Day SMA level at 434 and 436 levels.

  • Weekly bullish Engulfing pattern of last week is not getting enough support so far. Bulls need price to stay above or near 5 Week Highe EMA For keeping this pattern effective.
  • More weakness for bulls if day's starts to trade below 20 Day SMA as shown in last chart.

  • ES One hour show price in a range.
  • 4 Hour chart shows continued resistance near Golden ratio.
  • Daily chart shows crucial support @ 100 Day SMA. Staying above this level may lead to an upper breakout.


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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