March 26, 2011

  • SPY Week and day time frames shows bullish price action for the short term.
  • Week chart has broken the trend line but price is trying to retest the broken trend line so this has resulted in an up move which may continue for next week.
  • Daily chart too has closed and a full candle has formed above 50 day moving average. So Price will continue to move up till it tests 50 dma agian.
  • So For next week one can try to trade on the long side with 50 dma as stop.
  • EURUSD NEAR RESISTANCE AREA
  • EURUSD is near a resistance level in both daily and weekly chart.
  • Cluster of resistance between 1.42 - 1.43 area.
  • Bigger correction may happen only if 50 day moving average gets broken.

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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