December 10, 2010

WEEKLY CHART
30 MINUTES CHART
  • Weekly chart of S&P 500 has given a new high. Sustaining above 1227 will extend this up move. Weekly close above this level will favor bulls.
  • Shorter time frame charts like 30 minutes are showing bullish continuation patterns like Ascending triangle and Inverted head and shoulders.
  • If the patterns in shorter time frame work bulls can easily extend this to 1250 levels and above that. If the patterns get busted bears will make a comeback.
  • ASCENDING TRIANGLE OF S&P 500

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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