- Immediate support in one hour time frame is the confluence of support at 38.2% Fib level and 200 Hour SMA.
- 4 Hour chart shows support near 2560. The 100 Period SMA is staying near this level for now. Bears need a close below this line for a bigger correction to follow.
- The Direction of the channel shows the trend in force. Bears unable to draw or see such channels for now.
October 31, 2017
October 30, 2017
- Apple Week moved up last week But price is trading close to a crucial resistance line as shown in chart 1.
- The current up move which is likely to extend further will complete a Triple negative divergence in Weekly chart.
- Bears must stay cautions as the weekly higher high and low is yet to be broken. Topping pattern can only be confirmed on price making a lower low. Weakness in weekly chart only on falling below 155 and 149 levels.
October 27, 2017
- Bank nifty daily shows price at the top of the range.
- Weekly MACD is still bearish. So Bulls need to do a range breakout to negate bearish set up.
- Month chart shows RSI at overbought levels. But price is yet to show exhaustion. If daily range gives a breakout on the upper side, The up move is likely to extend further.
October 26, 2017
- QQQ Weekly chart shows weakness. For now price is bearishly engulfing last 2 weekly candles. Bears need a lower close at the current levels to confirm the engulfing pattern.
- Hour chart too are staying close to crucial resistance levels. Bears need to keep price below hourly cloud to keep the negative set up intact.
- ES Analysis before opening bell
- ES 4 Hour pattern shows price holding above 2539 - 2541 zone. Bulls will be safe if price stays above this level.
- 100 Hour SMA was violated. Bears need a close below this line for bigger correction to follow.
- Yesterday we discussed about Bulls problem when it violated Hourly cloud. Now the problem won't go away until price moves back above the cloud. So Bulls need to get back hourly cloud to resume the prevailing trend of ES.
October 25, 2017
- 2539 to 2541 is a crucial support zone in 4 hour chart. If this level holds Bulls can make a strong comeback to erase today's losses.
- The week is looking good for Bears. But as said in the chart its only Wednesday and by the time we reach Friday Everything may have changed. Bears need a weekly close at the current levels or lower to confirm weakness.
- Bears also need price to stay below 4 hour cloud to confirm short term bearishness. Just a violation of the cloud is not enough.
- ES hourly cloud is getting violated which is crucial as shown in last chart.
- 50 Hour SMA is acting as resistance.
- Crucial price level to watch is 2561. Break of this level can give 2550 levels. Bulls need to move back above 50 Hour SMA to regain momentum. As long as price stays below hourly cloud its a problem for ES Bulls.
October 24, 2017
- Bulls are safe above 10200 levels.
- Bears need price to close below the GAP shown in chart 1. That is around 10100 levels approx. In-between its Neutral.
- One hour shows 50 SMA acting as support for now. Close below this line may give the first signs of weakness.
October 23, 2017
- Possibility of price Hitting 38.2% Fib level was very high Once price break below 50 SMA and 23.6% Fib level and it did just that. Once the confluence of support break the price action was fast.
- Immediate support levels for the day
- Break below 23.6% Fib level may give 2564 which is the 38.6% level. 100 SMA too is at this level for now.
October 22, 2017
- Google daily shows price testing the upper end of the range.
- One hour is sitting at the cloud. Bears need price to break and close below the hourly cloud for a possible Down swing to start.
- Price for now is staying below 50 period SMA. Bears should keep price below this line to build bearish momentum.
QQQ Weekend update
- QQQ Daily chart shows price nearing crucial resistance line.
- Weekly Chart shows a potential Bearish Doji. This one needs confirmation though. Price should open lower and close lower and it should not Move above the Current Doji for the candle to be most effective.
- Weekly chart also shows Big negative Divergence. But it also shows MACD Lines close to a bullish crossover which could be a Fake setup as well.
- ES ANALYSIS AFTER CLOSING BELL
October 21, 2017
- SINA 4 Hour time frame shows price testing crucial support zone around 109. This time frame also shows price near 100 Period SMA. Price closing below these levels may complete The Triple Top.
- If price stays below 100 Period SMA Then stock may fall towards 100 Levels.
- Bulls need to protect 109 for a reversal up move to start from the current levels.
- ES ANALYSIS AFTER CLOSING BELL
- Daily chart shows another MACD Bearish cross that Did not happen. Histogram of MACD Clearly shows a negative divergence But this too did not work and Bulls managed to take price up Before a Bearish cross of the MACD Lines could happen.
- Hourly chart shows the resistance line of the recent pattern Acting as support.
- Last chart shows immediate support levels in Hour time frame.