August 4, 2012

  • Weekly chart with MACD indicator shows a buy signal which will be effective if price breaks the range shown in the first chart.
  • On breaking above 1422 the second chart comes into play were price will target the resistance line of a larger contracting pattern.
  • Daily chart shows the support and resistance levels for the coming week. Sustaining above 78.6% would target 1406 and higher. Crucial support levels are the Golden ratio and 100 Day SMA.

  • Daily chart has resistance at 100 Day SMA and falling resistance line.
  • Weekly chart shows a contracting triangle pattern and Support at 50 Week SMA.
  • Weekly stochastic has a sell signal which will be effective only if price trades below 50 Week SMA and 76.22 level.
  • Daily chart will favor bulls above 100 Day SMA and falling resistance line. Crucial resistance at 81.84 level.

  • QQQ Has moved above the crucial resistance level in daily chart.
  • Price has also broke above the Golden ratio.
  • A Daily close above above Golden ratio could take price towards 78.6% Fib level.


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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