March 3, 2011

  • MSFT Daily chart is near its 200 day moving average.
  • Stock took support at its 200 dma, But an up move will be possible only if stock manages to break above the resistance line shown in the 2nd chart.
  • Breaking below the 200 dma will favor bears of MSFT.

  • SPY Hour in a triangle formation.
  • Today's morning GAP may get filled before we see the breakout from the pattern.
  • Being a triangle its prone to false breakouts.
  • Price has to take out 133.60 after an upside breakout or 130.60 after a downside break.
  • ES Hour chart with fibonacci levels and 50 hour moving average.
  • Price has closed above 50 hour moving average and the Ichimoku cloud which is positive for the bulls.
  • If price breaks and sustains above the golden ratio(61.8%) we may see Es testing 1336 level again.


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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