June 30, 2015

  • ES Hour is trending below the cloud. 
  • Recent swing low in daily chart is shown as possible support zone
  • Weekly chart is near 50 Week SMA Which may act as support.

  • ES Falls below 200 SMA, Recently this event has led to sharp reversals in favour of Bulls. Now bears need price to sustain below 200 Day SMA. One or Two daily candles below this level will favour bears to extend gains. 
  • Negative divergence has been there for quite some time now without any big corrections. 
  • Price is testing the lower bollinger band. A Weekly close below this line may extend the fall.
  • Bulls just need to make a close back above 200 SMA to avoid bigger falls.


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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