November 9, 2011

  • SPX is testing its 50 Hour moving average.
  • Hour chart is showing support near 1238 levels. Below this level Price may go down till 200 Hour SMA or 1215 levels.

  • Google Weekly chart is near resistance line.
  • Price is moving up with an unfilled GAP.
  • MACD histograms are showing negative divergence. If price does not break above the resistance line we may see a correction in GOOG.
  • SBIN is closer to its Support and resistance lines in weekly chart.
  • For bigger up moves price has to close above 38.2% Fib levels or close the week above the middle Bollinger band.
  • Getting resisted at 20 Week SMA will favor bears. 23.6% Fib level has acted as support on weekly closing basis. So Week closing below 23.6% will be bad for bulls of  SBIN.
  • S&P 500 EOD UPDATE

  • SPX Daily has closed above 200 SMA.
  • Things can get better for bulls above 1292.
  • Hourly chart too are not showing any weakness.
  • Bears has to wait and see if any weakness is seen at 1292.
  • Failing to break above 1292 may continue this range of 1215 - 1292 for some time.


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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