February 20, 2016


  • ES Daily chart shows a resistance line and 50 Day SMA stopping bulls from moving up. Bulls need a daily close above these levels for a bigger up move to happen.
  • Immediate support at hourly cloud. Further weakness if price stays below Hourly cloud.
  • GOLD WEEKEND UPDATE
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  • GOLD Week moves above the cloud. Price was last seen above weekly cloud back in 2012. Price also has broken above the falling resistance line connecting major swing high's during this down trend. 
  • 1300 levels may act as stiff resistance if price manage to extend this bounce. Immediate support near 1180 levels. Weakness if price falls below this 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