September 18, 2010

  • First chart is S&P 500 with 10 and 50 DMA. Price is making another attempt to close above 1130. Last time when it approached the same area the index was very volatile. See the number of times it violated the 10 DMA. But this time trend looks clean. Price has not yet violated the 10 DMA. 
  • So if price violates 10 DMA before it closes above 1130 that might be a warning for the bulls.
  • S&P 500 Chart with Support and resistance lines.
  • Breakout can give good direction.
  • Hour chart of  Russell 2000 is showing a range of 643 - 654.
  • Breakout of the range can give good direction for the short term


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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