August 21, 2013

  • ES Hourly chart shows Ichimoku cloud and 100 Hour SMA as resistance.
  • 1641 -1643 zone is the support level for bears to break for a fall to happen.
  • Daily chart shows price testing 100 Day SMA.

  • Weekly chart of Tata Motors shows price in a contracting triangle with one false breakout.
  • Next close outside this pattern may lead to a bigger move.
  • Crucial support resistance levels in last chart should be taken out on closing basis for a bigger move to happen.

  • SPX Daily chart shows price up move getting resisted at 50 Day SMA.
  • 2nd chart shows price sustaining at the bearish part of the channel and may extend the fall if unable to close back above 50 Day SMA.
  • Weekly chart shows crucial support at 20 Week SMA (1639). This level has to be taken out on closing basis for  a bigger down move to follow.


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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