June 8, 2012

  • QQQ Four hour chart shows a bearish cross with 200 and 50 period SMA.
  • Four hour cloud acting as resistance.
  • Range of qqq shows resistance at 63.16. Staying below this level will favor bears of QQQ.

  • Nifty testing crucial resistance levels. Today being a weekly close its crucial to close above these level to extend this up move. Getting resisted at these levels and the resulting correction may give a shorting opportunity.
  • S&P 500 EOD UPDATE

  • Price has formed a reversal formation in daily chart. But the falling wedge breakout is still intact. Wedge may fail only if price starts to trade inside the pattern again.
  • 200 Hour SMA is acting as resistance as shown in last chart. Good support is seen near 50 Hour SMA.
  • On bigger time frame 50 Week SMA and 1266 is the key support levels and resistance at 1334.


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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