October 23, 2012

 
 
  • QQQ Daily chart moving up from 200 Day SMA.
  • Price testing 50% Fib level.
  • Hour chart shows a bearish cross with 200 and 50 hour sma.
  • Price sustaining below the daily cloud will favor QQQ bears.


 
  • EURUSD Daily chart near up trend line and 50 Day SMA.
  • Daily chart also shows a bullish golden cross.
  • Bullish cross will become weak if price falls below 50 Day SMA and a whipsaw cross if price falls below 200 SMA. For now Bulls of EURUSD need price to hold above 50 SMA for the Golden cross to work well.




  • APPLE Day managed to close above 100 Day SMA.
  • But price is yet to test crucial resistance levels. Sustaining below the daily cloud will favor apple bears. 
  • Falling resistance line and 100 Hour SMA of one hour time frame too has to be captured by bulls for a bigger up move.
  • ES SUPPORT LINES
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  • ES Up trend line has broken. Horizontal support line and the current low should give a bounce to save bulls from further correction.
  • If the lows are not held bigger falls must follow.
  • GOOGLE CHART UPDATE
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  • Nifty futures 30 Minutes shows  a possible triangle pattern.
  • One hour shown with a rounding bottom pattern.

 

  • LT Daily chart shows ascending triangle breakout with volume advance.
  • If the breakout sustains price could be heading towards 1723 and higher levels in the short term.
  • Weekly chart also should hold above 1657 for confirming a breakout otherwise a false pattern is possible. Bulls are safe above this level.
  • S&P 500 ANALYSIS AFTER CLOSE
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  • SPX Charts shows price bouncing from the 1422 level. Bears need a daily and weekly close below this zone for a bigger down move.
  • Daily chart candle looks bullish with large lower shadow. Price closed at 50 Day SMA. Bulls need price to sustain above this line for sustaining the bounce.
  • Hour and 15 Minutes shows possible resistances for this up move.
 
  • GOOGLE Daily chart moving towards 100 Day SMA.
  • Weekly chart shows price testing a support zone between 658 - 669.
  • If Month candle closes at its lows it will confirm a monthly bearish engulfing pattern which will extend bearishness into the following months.
  • APPLE TREND UPDATE
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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