December 1, 2016

  • ES daily chart shows price moving towards previous resistance zone between 2186 - 2191.
  • 4 Hour chart has broken below 50 period SMA. A bounce is possible if the above mentioned resistance zone acts as support.
  • Swing High will be set for the short term in Daily time frame if 2186 - 2191 level gets broken.
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  • Spike below 1170 is not holding. Bulls trying to keep price above this level. 
  • Immediate support and resistance 1163 and 1179. Bigger bounce if crosses 1179 levels towards 50 period SMA. Weakness resumes below 1163 levels.
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  • ES 4 hour charts testing crucial support levels.
  • If 50 period SMA and the previous resistance line which may act as support does not hold then Bears will start getting active.
  • If price falls below this line then 2187 , 2184 and 2180 levels are possible. Bulls just need to protect this line to avoid a correction.
  • CRUDE OIL rises from 200 SMA
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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