November 9, 2012
- Apple month chart shows the Pin Bar pattern and the following correction. This correction may target the lows of March and May months which is 516 and 522 levels.
- 522 level is looking crucial for this week if price stays above this level and if it manages to close the week above the Ichimoku cloud and 50% Fib level we may see the stock bounce in the coming week.
- If the stock breaks below 522 and 516 then it could lead to sub 500 levels, 493 is the Golden ratio as shown in the last chart.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- S&P 500 closed the day below crucial support level and most importantly below 200 Day SMA.
- Next level to watch is if the week is going to make a close below 50 Week SMA which will add momentum for bears.
- Daily chart is closer to 50% Fib level. If that does not hold spx may fall towards the golden ratio at 1346 levels
- DOW JONES RISING WEDGE
- Daily chart shows price testing 200 Day SMA.
- Weekly chart has violated the up trend line.
- Daily closing below 200 SMA should favor bears for a possible hit at the 50 Week SMA Which is near 139.50 levels.
- For bulls day should close above 200 SMA for avoiding bigger falls.
- APPLE WEEK NEARING OVERSOLD ZONE
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