January 24, 2012

  • S&P 500 Continues its up move in a channel.
  • Price doing sideways correction which are getting resolved in favor of bulls which will continue as long as price holds the support line of the channel.


  • GLD Daily is showing weakness near resistance line.
  • Hour is yet to breakdown below 50 hour SMA which may trigger a sell in hour and daily charts.
  • Hour staying above 50 Hour SMA will favor bullish trades in GLD.

  • 50 Day SMA and Horizontal support level has held for now.
  • Price has to do a higher close for this bounce to sustain.


  • BANK of America at resistance levels.
  • Week has to close above Upper bollinger band to continue the up move.
  • Daily chart too is showing a possible resistance level which should be taken out by bulls to continue the up move.
  • Breaking the daily channel may give a correction for BAC.
  • DOW JONES ANALYSIS AFTER CLOSING BELL


  • SPY Weekly chart with Fibonacci levels.
  • Price sustaining above 78.6% level will favor bulls.
  • For bears price has to fall below this level for a correction to happen.
  • DOW JONES ANALYSIS AFTER CLOSING BELL

  • Nifty daily chart shows price entering the crucial level between golden ratio and 78.6% Fib level.
  • Closing the day above 5099 will help bulls to extend the rally towards 78.6%
  • 5150 - 5165 is a possible resistance level as shown in 2nd chart which bulls need to close above.


 
  • SBI nearing important resistance levels.
  • Closing above yesterday's high will lead to continuation of this up move.
  • Closing below 5 Day Low EMA will favor bears for a correction.
  • Price also nearing 5 Month High EMA and channel resistance line which may act as resistance if the up move continues.
  • SELLING ZONE OF NIFTY
  • US DOLLAR TESTING 50 SMA
  • DOW JONES EOD UPDATE

  • Dow Jones daily chart shows a doubtful candle at horizontal resistance line.
  • A safe sell will be possible only if price closes below 20 day SMA.
  • Hour will be weak below 12665 and 20 Hour SMA. But the trend in hour will turn only below the cloud.
  • BIDU IN A TRIANGLE


  • BIDU in a triangle pattern.
  • Price is nearing the apex of the pattern.
  • Breakout from the pattern should sustain above 200 Day SMA for bigger gains.
  • A pattern breakdown below 200 SMA should give an easy short trade.

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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