November 8, 2012

  • Google violating its crucial support zone between 658 - 669. This level acted as resistance before so it was expected to give support But the level has been violated now, A weekly close below this zone will add strength for bears.
  • Price has violated 20 Week SMA. Sustaining below this level should target 50 Week SMA near 634 levels.
  • bearish engulfing of month chart is doing well so far.
  • APPLE WEEK NEARING OVERSOLD ZONE
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  • Apple week near lower Bollinger band
  • Weekly stochastic reaches oversold zone but price shows no sign of turnaround yet. Last time when stochastic reached oversold zone it was the 50 Week SMA which saved bulls. This time too price is positioned around the same level.
  • Weekly candle is about to test the cloud. Last time price was near the weekly cloud back in 2009 when the stock was trading around 140 levels.
  • Bulls must hope for a weekly green candle to be seen before going long.
  • DOW JONES RISING WEDGE
  • ES SUPPORT LEVELS
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  • ES Daily chart staying below the Support line should help bears to extend the fall BUT Daily chart is testing 200 SMA and Weekly chart testing Up trend line so more falls only if these two crucial levels gets broken.
  • DOW JONES RISING WEDGE
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • Tata motors weekly chart shows a triangle contraction. Sustaining outside the contraction lines should give bigger moves for the stock.
  • Last chart shows immediate levels which should be taken out on closing basis for a bigger move to happen.
  • 38.2% Fib level and 20 Week SMA are crucial for bears. For bulls its the 23.6% Fib level and 289 levels.
  • DOW JONES WEEKLY RISING WEDGE
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  • S&P 500 Weekly chart shows price testing the rising trend line from 1075 levels.
  • Daily chart shows price closing below 100 Day SMA and it is closer to the 200 Day SMA.
  • Price closed below crucial support levels of 1396 - 1403.
  • Now price must sustain below 100 SMA for a possible breakdown below the weekly up trend line. If the weekly up trend line holds then we might see a bounce in the coming days
  • APPLE CHART ANALYSIS
  • Apple month chart with the bearish pin bar pattern which continue to look good for apple bears.
  • Apple weekly chart is testing its 50 Week SMA. If this level holds we may see an up move. If 50 Week SMA fails to hold on closing basis then we may see 522 levels which is the crucial support level in weekly chart.
  • DOW JONES RISING WEDGE - WEEKLY CHART
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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