November 21, 2013

  • ES 4 hour chart shows price trying to take support at the rising support line from 1640 levels.
  • Last chart shows price taking support at 38.2% Fib level. Bulls need price to get back and sustain above 23.6% Fib level to resume the up move.
  • DOW Jones Chart analysis
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  • Dow Jones daily chart with MACD shows the Histogram and price in Negative Divergence, But the MACD lines are yet to give a bearish cross.
  • A sell signal is possible on price breaking the rising support line and 15865 levels. Crucial support levels are 15709 (previous resistance) and a rising 20 day sma.



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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