November 4, 2012


  • QQQ Daily chart shows price getting resisted at 100 Day SMA.
  • Price closed just below 200 Day SMA with a Bearish Engulfing pattern. Further down move on falling below 64.73 levels.
  • Price may test 50 Week SMA during next week. 
  • Weekly stochastic continue to move down without any hint of a turnaround. Price staying below the weekly up trend line will add to the pain of Bulls.
  • APPLE WEEKEND UPDATE
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  • Price line weekly chart breaking above crucial resistance line. 
  • Price managed to close above 20 Week SMA. But was resisted at the top of the weekly cloud. Weekly close above the cloud should result in a bigger up move possibly towards Weekly upper bollinger band shown in the second chart.
  • IWM WEEKEND UPDATE
  • APPLE WEEKEND UPDATE
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  • IWM Daily chart shows price continuing the correction inside a falling channel.
  • Daily chart shows price getting resisted at 50 Day SMA and Falling towards 200 Day SMA which has given support in the recent past.
  • Now daily chart has given a bearish engulfing pattern. For this to work well price has to break below the up trend line which started at 60 and run through 72.94 levels for a bigger down move to happen.
  • APPLE WEEKEND UPDATE
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  • Dow Jones weekly chart shows price near crucial up trend line and Horizontal support level near 12977.
  • For another week price has closed below 20 Week SMA. If price sustains below 20 Week SMA Dow could fall towards its 50 Week SMA.
  • Daily chart shows a bearish engulfing pattern which needs confirmation. For bears price should break and stay below 38.2% Fib level for an extended fall to happen.
  • APPLE WEEKEND 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