July 16, 2011

  • Microsoft Quarterly results will be announced next week and the stock has hit the weekly resistance line.
  • Price has also hit the Weekly Bollinger band.
  • Cloud resistance in weekly time frame is looking strong as well.
  • We may see false breakouts above the weekly resistance line. Positional longs can only be taken if week closes above these resistance levels.
  • For bears its a low risk high return sell that is developing.
  • ES has been showing solid support near 1302 level.
  • If gets tested repeatedly then it may get broken.
  • Closing the week above this support level may keep things neutral.
  • If price closes below 1302 or 1295 things may favor bears next week.


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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