January 2, 2011

  • Micron Technology is showing a triangle pattern in its daily time frame.
  • Breakout above the resistance line should sustain above 8.3 levels.
  • Break below the support line will favor bears.
  • S&P 500 WEEKEND UPDATE

DAILY CHART OF SPX
WEEKLY CHART OF SPX
  • Daily chart is trending up above the trend line and the 20 day moving average.
  • Positional longs will be safe until price stands above the trend line in daily chart and the 20 day moving average.
  • Weekly chart is showing a bearish pattern. a rising wedge which is a bearish reversal pattern. 
  • NFLX WEEKEND UPDATE
DAILY CHART
DAILY CHART
WEEKLY CHART
WEEKLY CHART
  • NFLX Daily chart is looking negative with price breaking a trend line support and its 50 day moving average. This price action will be negative in the short term and will favor bears.
  • Weekly chart is also showing a trend line beak. Trend in  Weekly chart can change completely if price breaks and close below 20 week moving average.

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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