February 19, 2012

  • Week candle has broken above the channel. 2nd chart on closing basis shows closing value at Multi year high's.
  • Week has also closed above 50% fibonacci level. Trading above 35.35 price may target the golden ratio. 
  • SPY WEEKEND UPDATE
  • Week chart shows next important resistance level at 137.18. Weekly candle closing above this level will add further strength for bulls. Bears need a close below 134 level for confirming weakness.
  • Daily chart shows price moving in a rising wedge like pattern with negative divergence. But weakness is yet to be seen in daily time frame as can be seen from the third chart. daily candle is yet to close below 10 Day EMA, Price is yet to test 20 Day SMA for the current rally.
  • DRYSHIPS INC WEEKLY CHANNEL
  • BIDU WEEKEND UPDATE
  • Last day of the week saw negative price action with increasing volume.
  • MACD is showing negative divergence.
  • Daily time frame is approaching 200 SMA and up trend line which needs to be broken by bears of BIDU for a bigger correction to happen.
  • DRYSHIPS INC WEEKLY CHANNEL
  • Price has closed above 50 Week SMA and 38.2% Fib level. Holding these two levels price should either hit the channel top or the Golden ratio near 4.60 shown in second chart.
  • BIDU WEEKEND UPDATE

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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