July 28, 2012

  • SPX Daily with MACD histogram shows negative divergence.
  • Weekly chart shows a completely different picture with MACD about to give a buy signal.
  • SPX Four hour line chart shows price at a resistance line. So for next week we might get a pullback because of the negative divergence and a breakout in favor of bulls because of the weekly MACD.
  • Month chart shows price moving towards a possible resistance line. If macd buy works well price is likely to breakout above this resistance line to extend the up move.
  • Daily chart with Ichimoku cloud shows price bouncing from the cloud.
  • But the up move was stopped at 100 SMA and 5 Day High EMA.
  • Weekly stochastic sell signal is still effective as price stays below 20 week SMA.
  • Despite yesterday's bounce bears are looking strong. 


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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