October 27, 2012

  • IWM Weekly chart shows price testing the up trend line.
  • Daily chart is testing 100 Day SMA.
  • Daily cloud has been violated. If price sustains below the cloud bears will be able to break the above mentioned crucial support levels. Bulls need to get back into the cloud to avoid further correction.
  • S&P 500 Daily chart shows crucial support at the Cloud Base and 100 Day SMA. 
  • Weekly MACD has given a sell signal which will be effective if price trades below 20 Week SMA. 2nd chart shows price getting support at 20 Day SMA.
  • For next week if price does not hold above 100 Day SMA Price may fall towards the weekly support line shown in the last chart which is near 1387 levels approximately.

  • SPY 30 Minutes chart with immediate resistance levels between 141.90 - 142.27
  • Bulls must break above the 30 Minutes cloud for an up move to start.
  • 23.6% Fib level too may act as resistance.


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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