October 20, 2012

  • Apple's Monthly Pin Bar continue to look good with the current months Price action. If the close of this month is near current levels or Lower it should form  a  Perfect reversal setup in monthly chart.
  • Week has closed below Middle Bollinger band  and could extend the move towards lower Bollinger band.
  • Daily too looks good for bears with price closing below 100 Day SMA. If price sustains below this level apple could move towards its 200 Day SMA which is currently at 582 levels.
  • Dow Jones Falls to the support zone of daily chart.
  • Price has broken and closed below 50 day SMA.
  • Daily chart has also broken an up trend line.
  • Sustaining below 50 SMA Bears will be able to break below the support zone leading to bigger falls.

  • SPX Weekly candle lost most of the gains on Friday closing near the bottom of the range.
  • Price also closed at 50 Day SMA and 23.6% Fibonacci level. 
  • Momentum of the last day candle seems to be good for bears for more to come. So a close below this fib level and 50 SMA should accelerate the down move.
  • Below 1422 Targets are 1415 and 1395. Price Not breaking below 1422 may save bulls from a larger fall and keep price in a range.

  • ES near four hour range bottom.
  • Price near daily up trend line and daily horizontal support zone. For the daily trend to turn in completely in favor of bears these levels has to break on closing basis


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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