September 1, 2012

  • SPY Daily chart shows a range between 140.09 - 142.08
  • Daily MACD has a sell signal which will be effective if price breaks 140.19 which may take price towards the weekly channel support line shown in third chart. Range breakout on the upside may not give bigger up moves because of the resistance line of the rising wedge.

  • Gold 4 Hour chart shows a bull flag breakout.
  • Daily chart shows price testing Golden ratio.
  • Weekly chart shows price trying to breakout above the weekly cloud. Gold bulls need a weekly close above the cloud and Golden ratio for continuing this up move.


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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