March 17, 2012

  • Price closed the week below  5 Week high EMA which is bearish.
  • Week chart shows support resistance zone between 9950 - 10000.
  • Moving averages shows 50 and 200 SMA close together which will be tough to break. 50 Week sma near 10050 is also an important support level.
  • Multiple support levels if not held corrections will be large. 
  • QQQ 30 Minutes chart shows a triangle like contracting pattern.
  • Breakout on the upside will help bulls to continue the trend
  • Breaking the support line may take price towards Ichimoku cloud.

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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