- Apple four hour chart shows price falling back into this pattern. Closing into the pattern may result in a false breakout which may give bigger correction.
- One hour chart shows price below 20 and 50 Hour SMA.
- Immediate support at 38.2% Fib level.
- ES Chart Analysis
December 13, 2013
- ES Four hour chart continues to trade below 200 Period SMA. Up moves must take price above this line to avoid further correction.
- Second chart shows support at golden ratio. Bulls must protect this level to avoid bigger falls.
- Last chart shows one hour chart with cloud and 23.6% as immediate resistance levels.
- DOW Jones analysis after closing bell
- Dow Jones closed below 23.6% Fib level. Next support level is the price zone near 15700 from were price gave a small bounce.
- Rising 50 Day SMA and 38.2% Fib level near 15700 will make it a crucial support zone for bears to close below.
- Negative divergence in weekly chart seems to be playing out. Week closing near the lows will extend this downfall further.
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