October 1, 2013


 
  • ES 4 Hour chart shows price up move from 200 period SMA Which is a crucial support level. For bears this one has to break on closing basis for a bigger down move to happen.
  • Price right now is at a potential resistance zone with 38.2% Fib level and 100 period SMA.
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  • Gold four hour chart shows price resolving in favor of bears from the contracting pattern.
  • Daily chart shows price nearing Golden ratio and support levels. Gold bears must close below golden ratio for extending gains.

 
  • USDINR is trying to stay above the up trend line from 53 levels. Sustaining above it should give another up move for the pair.
  • Weakness for the pair only on closing below 100 Day SMA. Closing above 50 Day SMA should resume the up move. One hour chart shows immediate resistance levels for the pair.
  • ES one hour approaching multiple resistance levels.

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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