January 24, 2014

  • ES testing daily ichimoku cloud. Unable to hold above this level may lead to more falls. This zone may also lead to an oversold bounce before fall resumes again.

  • Gold violates the falling resistance line from 1430 levels.
  • For gold bulls price need to close above 100 Day SMA to extend gains towards the 200 Day SMA. 200 SMA is near 1300 levels.
  • ES Chart update
  • ES Violates the crucial 200 Period SMA. 
  • Bulls trying hard to defend the Range bottom and 38.2% Fib level. Price closing below these levels will extend gains for ES Bears.

  • Dow Jones daily chart shows price testing 50 Day SMA.
  • Second chart shows the previous resistance zone trying to act as support.
  • The rising suport line from 14850 levels has been violated. Breaking the horizontal support zone on closing basis will extend gains for bears.
  • ES Chart analysis


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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