September 26, 2013

 
 
  • JPM Daily chart shows price taking support at its 200 Day SMA. Second chart also shows price taking support at 50.07 - 50.11 support zone.
  • Last chart shows strong resistance at 50 Day SMA and the presence of the bearish Head and Shoulders pattern.

 
  • ES Continues to trade below the hourly cloud. But the 4 Hour chart is trading at crucial support zone. Close below 100 SMA should give the Golden ratio. Taking support here will invalidate the Head and Shoulders pattern.



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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