October 16, 2012

  • QQQ Hour chart shows the up move hitting resistance zone.
  • Bulls of QQQ need a close above this resistance zone and 100 Hour SMA for the up move to continue. Unable to trade above this level should result in another correction.
  • APPLE OVERSOLD FORMS A HAMMER
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  • Falling wedge of 30 Minutes has done well for bulls so far.
  • Fibonacci levels shows price testing Golden ratio.
  • Hour chart shows Price above 50 and 200 Hour SMA. Hour chart also shows a bearish cross with these SMA's So price has to sustain above 200 Hour SMA for a bigger up move to happen.
  • APPLE OVERSOLD FORMS A HAMMER
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  • Silver daily cloud and 38.2% Fib level may act as support.
  • Resistance levels at 50 Day SMA and 33.26 - 33.48 zone.
  • Breaking either these levels may give a bigger move for Silver. On the down side price may target 31.60 levels and on the upside it could touch 34.31 levels.
  • APPLE OVERSOLD FORMS A HAMMER
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  • ES Moving up from the up trend line
  • Price also back above 20 and 50 Day SMA. Bulls need a close above these crucial moving averages to keep the up move intact.
  • Bigger resistance is near 1460 levels above which daily candles are unable to close. Bulls need a close above this selling zone for a bigger up move or a new high to happen.
  • APPLE OVERSOLD FORMS A HAMMER
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  • Apple daily stochastic looks oversold and Price forms another Bullish hammer this time at 100 Day SMA. This pattern needs confirmation with price and volume advance. Breaking above the channel resistance line could give a meaningful bounce for Bulls of Apple. 
  • Not sustaining above 100 Day SMA will negate this bullish possibility.
  • SPX ANALYSIS AFTER CLOSE
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  • Daily chart of reliance industries shows price contraction which has to be crossed on closing basis for a bigger move to happen.
  • Price staying above crucial moving averages till now. Bulls need to protected 50 Day SMA for a bigger up move to happen.
  • Weekly chart is also near crucial resistance levels like the weekly cloud. Weekly cloud has to be crossed on closing basis for a bigger up move. 864 and 905 are crucial resistance levels.
  • GOLD SUPPORT ZONE
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  • SPX Seems to have found support at the crucial support zone and 50 SMA of Daily chart. Hourly chart is at 50 Hour SMA which has to be crossed for a bigger up move. Last chart in  30 Minutes time frame shows a falling wedge breakout which is also favoring a bounce from support levels.
  • GOLD SUPPORT AND RESISTANCE LEVELS
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"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