September 9, 2016

  • Daily close below 50 Day SMA will extend weakness into next week.
  • Next support zone is at 2141 level. If 2141 does not hold then support in daily time frame is at 2119.

  • Immediate support levels in daily chart.
  • 50 Day SMA and the support resistance line drawn in second chart are crucial for es bulls to hold above.
  • If these levels are not held the targets are 2154 and 2140 levels.
  • Last chart shows possible bearish scenario


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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