December 24, 2011

  • Up move of SPY is accompanied by Low volume candles.
  • The candle which made it above the 200 SMA is showing the Lowest volume.
  • SPY is yet to close above the resistance line unlike the other charts.
  • If volumes pick up next week we may see this continue till 128 levels were the Upper Bollinger band  may act as resistance.

  • For Dow Jones price is above 200 Day SMA and the slopping resistance line.
  • One resistance level to cross is the horizontal resistance line at 12284 levels.
  • Closing the day and week above this level will help bulls to extend profits.
  • If price closes the day below the horizontal line it may trigger a short trade for 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