November 9, 2012

 
 
  • 4 Hour chart shows price in a contraction pattern which may result in a bigger move.
  • Daily chart shows price nearing 50 Day SMA which may act as resistance. Daily closing above 50 SMA will help bulls to continue the up move which was started from 50 Week SMA.

  • 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
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  • ES Daily chart shows price moving away from 200 Day SMA.
  • Price is nearing 50% Fib level.
  • Weekly chart shows price below the up trend line and approaching the next crucial level which is the 50 Week SMA.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • 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
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  • 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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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