October 2, 2012

  • QQQ One hour chart shows a head and shoulders pattern with sloping neck line. Some more distance to go before price could hit the support line or the neck line of this pattern.
  • Hour chart is getting ready for a bearish cross in hourly time frame.
  • Last chart shows the immediate support levels for QQQ, 50 Day SMA the most crucial among them.
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  • EURUSD Daily chart Bouncing from 200 Day SMA.
  • Four hour cloud and 20 Day SMA has to be taken out on closing basis for a bigger up move to happen.

  • SPY Hour chart shows support and resistance line and 200 Hour SMA as the crucial support zone.
  • Daily chart shown with Fibonacci levels and previous resistance levels which may act as support.

  • Apple daily chart testing support level at 655.
  • Price is also near 50 Day SMA.
  • Weekly chart shows the bearish doji star pattern gaining strength as price keeps moving down. this pattern will look good if price breaks below 644 levels.
  • Bulls will hope for a bounce from 50 Day SMA.
  • First chart is the daily time frame which shows immediate support and resistance lines.
  • Weekly chart shows price still inside an ascending channel. Stochastic is overbought but its still above 80% line which should favor bulls to resume the up move. Breaking below 80% line may give a bigger fall.
  • SPX Month chart shows bulls unable to close the candle above the wedge resistance line. Bulls need to make another attempt to move above the resistance line or face correction towards the support line shown in last chart.


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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