August 12, 2012

  • BAC Weekly chart shows resistance at 20 Week SMA. 
  • Price also near falling resistance line and Horizontal resistance zone of 8.20 - 8.35
  • Daily chart has a golden cross which will do well if the range shown in last chart gives an upper breakout. Breakdown from the range will negate the bullishness of this crossover.

  • SPY Daily chart shows negative divergence with price and MACD Histogram.
  • If the channel is intact this steady up move will continue. For bears need a channel breakdown for a bigger correction to happen.
  • Weekly resistance levels for the coming week are 142.21 and then the resistance line of the pattern shown in last chart which is near 144 levels.


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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