February 11, 2012

  • Citigroup closed in red on Friday after a Dark cloud cover pattern. Week candle too looks bearish. Falling below 32.64 level will target the 20 Day SMA. Bigger correction possible only if price closes below 20 Day SMA. 
  • Last chart is the weekly time frame shown with a resistance line which was broken last week. Bears need to break below this resistance line for a bigger correction to unfold. Price staying above this resistance line will favor bulls for an up move.
  • S& 500 ANALYSIS AFTER CLOSING BELL
  • SPX Month continue to stay above the falling resistance line from 2007 High's. But price is yet to take out the horizontal resistance zone between 1360 - 1370 level.
  • Week candle is showing some doubts at the top. candles like these led to a correction as shown on the left side of  the chart. SPX will be weak below 10 week EMA. 
  • Weakness will be first visible in Four hour chart which is yet to happen. Price breaking below the 50 period SMA and the cloud will confirm a sell.

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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