September 27, 2012

  • ES Daily chart near previous resistance level which may act as support.
  • Price also approaching 50 Day SMA and crucial Fib level. 
  • If the levels are held an up move towards the recent high's are possible.
  • APPLE CHART ANALYSIS
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  • Daily chart shows immediate support line at 655 for apple
  • 2nd chart shows the next support at 644 and 50 Day SMA.
  • Weekly chart looks like an evening star candlestick pattern not perfect but if this week closes at the current levels or lower it could trigger a correction provided 644 breaks.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • Bank of America daily chart falling towards the up trend line.
  • Daily MACD shows a sell signal which needs price to fall below 20 Day SMA for a bigger fall to happen
  • Weekly chart shows price resistance at 100 Week SMA. For the up move to continue price need to close above 100 Week SMA otherwise a slide towards the weekly up trend line shown in last chart is possible.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • NIFTY Hour shows a bullish Flag pattern.
  • Hour is also trading near 50 Hour SMA. Falling or closing below this level will be negative for bulls.
  • Week High at 5592 is important on a weekly closing point of view. Price not testing this value till tomorrow's should keep the bigger bulls positive.
  • S&P 500 EOD UPDATE
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  • SPX Four hour chart shows support at 100 period SMA and Golden ratio.
  • 2nd Chart which is the daily time frame also shows crucial support between 1422 - 1426 which is the breakout level.
  • for bears price staying below 20 SMA should extend the fall towards the above mentioned support levels and breaking them could even extend the down move towards 50 Day SMA.

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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