February 14, 2014

  • First chart shows daily time frame with range breakout and target zone which is above 22.
  • Second chart is the weekly time frame with price breaking above Middle bollinger band. Closing at the current levels may extend this move towards the upper bollinger band.
  • Immediate levels to watch is the 38.2% Fib level shown in daily time frame. Price must sustain above this level for a bigger up move to happen.

  • ES Correction could not take price below the hourly cloud.
  • Daily chart shows price continues to stay above 50 Day SMA and previous support resistance zone. Bears must break below this level for bigger falls to happen. Sustaining above this level should lead to new high's.

  • Daily chart unable to move past 20 and 50 Day SMA has fallen towards 200 SMA again.
  • Weekly stochastic is yet to reach oversold zone. If the recent low near 5930 and 200 SMA is not held a bigger down move is likely to be seen. 
  • Bulls need price to show consolidation near 200 SMA for a possible up move to happen.


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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