July 8, 2015

 
  • ES Daily shows price up moves struggling to cross or close above 200 Day sma. 
  • Week is trying to stay above 50 Week sma. Weekly close below this line will extend gains for bears. Bulls need a close above 200 day SMA.



 
  • Gold daily testing support zone.
  • Week is trending below the cloud. If the weekly time frame is to continue the trend daily support zone is at risk. Weekly cloud continues to act as stiff resistance.
  • If bounces from daily support zone an up move possible towards the upper end of the range shown in first chart


Nifty one hour chart
  • One hour chart shows price testing cloud base. Bears need a close below the cloud to extend gains. Bulls hoping for an intraday reversal from this level.
  • Daily looks bad for bulls so far. But bears need a close into the cloud to extend weakness into the coming days.




  • Nifty is above 100 day SMA and the Golden ratio. Although in positive zone yesterday's candle shows indecision. Bulls are seeing a possible Bullish W pattern with possible targets around 8800 levels. For that price need to stay above the daily cloud. Closing back into the cloud will strengthen bears.



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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