January 16, 2015

  • Silver trying to stay above weekly resistance line. Weekly close above this line is bullish for silver. But there is strong resistance between 18 and 19 as shown in 2nd and 3rd charts.

  • Gold daily chart has moved above 200 Day SMA.
  • Weekly chart shows positive. Gold Bulls needs to clear the weekly cloud shown in 2nd chart for bigger up moves to happen.

  • ES Daily candle closed below 200 SMA. Price for now trying to move back above 200 SMA again.
  • The Price action in 4 Hour chart is crucial. Price here is trying to stay above a crucial swing low. Breaking below this zone may give bigger falls. 38.2% Fib level also shows a similar price action.

  • SPX Month chart shows possible reversal formation in the making. But things may change as there are 15 More days to go in the current month before the close. Month RSI is also moving below 70% line giving hope for bears. But this set up needs more confirmation bears need to wait.
  • Weekly chart is testing 20 Week SMA. Weekly close below this line may strengthen bears further.
  • Immediate support for bulls is the 38.2% Fib level shown in daily time frame.


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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