September 4, 2011

  • Indicators are favoring bears for next week.
  • Bears will be stronger below 114. Break of 114 may lead to a test of recent lows at 110.27 which is the final hope for bulls.
  • For Tuesday the support line comes at around 114.80
  • NFLX WEEKEND UPDATE
  • S&P 500 WEEKEND UPDATE
  • Moving average in Month, Week and Daily time frames are aligned bearishly. 
  • Last chart is the four hour time frame. Price is approaching the support line of a bearish Flag like pattern.
  • Breaking the support line of this pattern will continue the fall which started last month.
  • In the short to medium term bulls will face resistance in the form of 50 and 200 Day moving average. Price staying below 50 Day sma will keep the effects of death cross intact.
  • So for now a sell at higher levels looks a safe option.
  • EURUSD AND US DOLLAR CHART ANALYSIS
  • NFLX WEEKEND UPDATE
  • SPY INDICATORS AND VOLUME ANALYSIS

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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