October 3, 2016

  • 100 Day SMA is crucial for ES Bulls to hold above. If this line is broken then price may test 2115 - 2120 zone. No worries for bulls if price holds above the discussed levels especially 100 SMA.

  • Weekly chart shows the Big Inverted head and shoulders pattern in weekly chart. Crucial resistance zone for this pattern is between 50 - 51 level.
  • Daily chart shows immediate resistance at 48.75 level.  Bears need this level to hold for stopping bigger possibilities mentioned in weekly chart.


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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