October 30, 2011

  • From resistance lines, Month High EMA to Ichimoku cloud everything is showing resistances till 5550 levels. But it is suggested to wait till one sees weakness before going short. 
  • Bearish candles in daily chart after hitting the resistance line will be a safe place to short. 
  • S&P 500 WEEKEND UPDATE
  • Multiple resistance levels were this up move can end are shown. Price momentum for now is with the bulls. And the longer they stay above the 200 Day SMA the stronger they become.
  • Although the risk reward ratio favors a sell here, It will be foolish to fight against the trend until we see some weakness. At these levels Daily close below 200 SMA will be the first sign of weakness.

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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