September 7, 2012

 
  • Dow Jones daily chart at resistance zone.
  • Weekly chart shown with reducing volume as price moves higher.
  • Volume analysis hints that this up move may not be a bigger breakout. Above 13340 Dow may hit 13500 levels. Around this level price should hit the resistance line of the rising wedge.
  • S&P 500 ANALYSIS AFTER CLOSE



  • Copper daily chart near previous support level which may act as resistance
  • Daily chart is also approaching 200 SMA and Golden ratio. So copper bulls must cross strong resistance levels for extending the current up move.

  • Gold daily chart with Fib Fan shows price getting resisted at 78.6% Fib line.
  • Unable to close the week above the cloud may result in a fall towards breakout level again.
  • Previous support line which is broken may act as resistance and a bearish candle at this stage should favor bears for a correction towards breakout level.
  • Gold bulls need to close the week above the cloud to avoid the above mentioned correction.
  • S&P 500 ANALYSIS AFTER CLOSE

 
  • Nifty Daily chart getting ready for an up move from the rising support line
  • For bulls day must sustain and close above 50 Day SMA.
  • Nifty week is poised between 50 Week SMA and Weekly cloud so a trending move may not happen until these levels are taken out.
  • S&P 500 EOD ANALYSIS

 
 
  • SPX Daily chart shows price breakout above recent high's.
  • Daily Chart shown with a possible resistance line. For tomorrow the resistance line is near 1445 level.
  • Weekly chart shown with a rising wedge pattern. Resistance line for the wedge is around the same level of that the daily chart.
  • Price is likely to fall from the above mentioned 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