October 8, 2013

 
  • Facebook 4 hour chart falling towards up trend line.
  • Price is sustaining below Hourly cloud and crucial moving averages in one hour time frame. Up trend line and 200 Hour SMA may be held for a bounce.
  • ES VIOLATES SUPPORT LEVELS
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  • ES Violates Golden ratio. Daily chart has broken the up trend line. ES bears need a daily close at these levels or lower for extending gains. 4 Hour chart is trading below 200 period SMA.




  • SPY Multiple support levels. 100 Day SMA and Daily Cloud is yet to be tested. Intra week violations of these levels are possible. Only a weekly close below the up trend line will weaken the bullish case badly.


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"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