January 20, 2016

  • QQQ Week has closed below the cloud and price is sustaining below it. 30 Minutes chart shows a trending down move. Bears will remain strong below the cloud. Support is expected near the rising support line of Monthly chart.

  • ES violates crucial support zone around 1860 - 70 levels.
  • 15 Minutes cloud is the immediate resistance above that a bounce towards the broken support zone is possible.

  • Crude oil bounce was short lived. One hour chart shows price getting resisted at 200 Hour SMA.
  • Month chart shows price moving towards the next swing low which was made back in 2003. 


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My Favourite Quote

"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