June 9, 2015

 
 
  • ES Daily chart shows bulls trying to take support near 200 SMA and Golden ratio.
  • Hourly chart shows price continues to trade below the cloud. Bulls need price to move above the hourly cloud for a bigger bounce to happen. Unable to move above the cloud may resume the fall.

 
  • Silver is at a crucial support line. Breaking below this will help bears to extend the weakness shown in weekly chart. Silver bulls need to move above the hourly cloud for a possible swing up move to happen from the support line.




  • The Death cross and Head and shoulders shows bigger bearish possibilities. But the neck line with an Oversold RSI may give a possible bounce in favour of bulls. Bulls need a bullish candle here or at the neck line to confirm strength.
  • Bears gets more strength on a weekly close below 7961 level.



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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