December 8, 2010

  • 30 minutes line chart of SPY.
  • Support zone is between 122.58 to 122.74. Closing below this zone will favor bears.
  • Things will look positive if price closes above 123.12
  • BEARISH ENGULFING IN APPLE
  • Apple Daily chart is showing bearish engulfing.
  • Stock is also getting resisted by a trend line as shown in second chart.
  • Effects of bearish engulfing can be seen only if the trend lines shown in second chart is broken.
  • 300 is a good support area for the stock.
  • S&P 500 ANALYSIS AFTER CLOSING BELL

  • Nifty is showing a range of 5939 to 6070.
  • Bigger movements are possible only after this range gets resolved.
  • Nifty has broken below 50 DMA and price has also finished the retest of broken DMA. This happens when an important moving average gets broken.
  • So we can expect to see good selling once 5939 level gets broken.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
HOUR CHART
WEEKLY CHART
  • SPX Hour chart is showing weakness as it has closed below 20 hour moving average.
  • Weekly chart is showing negative price action. We had a Gap up today but it was faded and made a close towards the Low of the Day.
  • Now correction up to 1217 may happen anything beyond that can take SPX to 1206 levels.
  • TODAY'S CORRECTION WAS FOLLOWED BY NEGATIVE DIVERGENCE IN 30 MINUTES CHART AS SHOWN IN THIS POST.

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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